Mar 12,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY close 3718. Sensex 12884.99.

NIFTY's move today would stay significant as it could set further trend.

NIFTY has to move up with good volumes for a confirmation of pull back rally. If NIFTY closes above 3811.2, further positives could be expected, as it strengthens the chart pattern. But the weak PCR OI doesnot provide support for the upward journey.

An intraday low below 3425.15 and a close below 3449.50 are inevitable, although the date & time at which it could take place couldn't be estimated. It might even happen after a rally.

NIFTY has closed above 5 day SMA and maintained above the lower band for the past two days. It is a consolation.

Immediate resistance for NIFTY stays at 3908.60. If it is tested and an intraday high above 3958.90 is tested then the further positives could be expected.

Significant support for NIFTY stays near 3550-3580 levels. 3420.50 is a very impotant support level which should stay unbroken.

On the upper side NIFTY would test 4137.50(inevitable - sure- medium term).

Upper Band ->4335.30

Lower Band ->3522.95


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

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