Feb 22,2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 4096.20. SENSEX Close 14188.49.

NIFTY has moved in the negative direction again signalling a possible close below 4092.60. However, this need not be tested today itself.

If NIFTY closes above 4137.10 it is positive, which implies further upward momentum.

An intraday high above 4137 is inevitable though the time factor for it to take place couldnot be judged.

NIFTY has to test a crucial resistance at 4199.50 to move up further.

The immediate support level is at 4023.20.

NIFTY has signalled a possible close below 3840 & 3801.65(inevitable), which may occur any time after an upward rally(medium to long term). But it is difficult to specify the time frame.

The best strategy in this market is to concentrate on individual scrips, which could move up due to their fundamentals.

Today's upper band and lower band lies at 4247.26 & 4013.15.

If Nifty moves below lower band by 20-30 points go long.

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

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