Mar 21,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY close 3697.60. Sensex 12705.94.

NIFTY's chart pattern looks good and a close above 3770.55 or an intraday high above
3795.70 will signal bullishness. An intraday high above 3725 could be expected in the near future.

NIFTY will test 3574 in the future, though date could not be estimated. If NIFTY breaks the support level around 3550, then it might move down quickly to test 3425.15.

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. However, NIFTY shouldn't close below 3428.55.

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 will test 4137.50(inevitable - sure- medium term).

Upper Band ->4102.55

Lower Band ->3460.75

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

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