Jan 8,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
___________________________________

NIFTY Close 3983.40. SENSEX Close 13860.50.

A low below 3960.45 is inevitable and another low below the low that would occur, is also inevitable. This implies the possibility of lows for atleast two sessions. But need not expect the lows to occur immediately. NIFTY has not tested the mentioned low for the past one week. It is in no trend zone based on weekly charts too.

High PCR OI implies, remote possibility of deep correction (Deep correction is ruled out).

A close below 3801.65 is inevitable in the medium to long term.

NIFTY charts has an indication for a new high, before the fall started. Anticipate new highs this month.

Immediate support lies at 3919. NO resistance.

Today's upper band lies at 4099.23. Today's lower band lies at 3732.87.

Note: These views do not have any relevance to NIFTY futures.

Stocks to Watch(SHORT TO MEDIUM TERM)

PYRAMID SAINARA