Feb 9,2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY Close 4223.40. BSE Close 14652.09.

NIFTY has signalled indecisiveness again. However, provided the positive momentum, it might reach the near term target of 4300 in 2 to 3 trading days. The expansion of upper band(4290.40) too supports our view.

NIFTY has to break 4232 to move up. If it is not broken a little correction could be witnessed.

An intraday low below 4165.85 & 4056.45 are inevitable, although the timeframe could not be fixed. It may take some time.

The immediate support level is at 4120. However there is no immediate resistance except the upper band.

If NIFTY closes above upper band by 20-30 points, start booking your profits systematically.

NIFTY has signalled a possible close below 3840 & 3801.65(inevitable), which may happen any time (medium 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 lower band lies at 3877.70.

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

Stocks to Watch(SHORT TO MEDIUM TERM)
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