Jan 9,2007
NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 3933.40. SENSEX Close 13652.15.

As said in yesterday's post a low below 3960.45 has been tested. Now expect another low below yesterday's low of 3913(intraday). A low below 3908.30(intraday) is inevitable(expect it short to medium term). NIFTY has good support near 3900 levels.
3919.6 is a critical level. A close below it would further make the chart weak.

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 3858.25. Immediate resistance lies at 3988.15.

Today's upper band lies at 4083.20. Today's lower band lies at 3736.80.

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

Stocks to Watch(SHORT TO MEDIUM TERM)
S
ASTRA MICROWAVE