Mar 23,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY close 3875.90. Sensex 13308.03.

"If a rally triggers today, it might be a break out bull rally or a pull back rally.

NIFTY's chart pattern looks good and a close above 3770.55 or an intraday high above
3795.70 will signal bullishness." This is a quote from yesterday's post.

NIFTY opened with a big bang and surpassed the required high above 3795.70 very quickly. This is a technical confirmation of break out. So buying at these levels and dips are encouraged. It is mentioned here that NIFTY will test 4137.50(inevitable - sure- medium term). This rally might lead to the said target.

Immediate resistance and support for NIFTY stays at 3908.60 and 3655.

If 3908.60 is tested expect 3915.90.

Upper Band ->4001.53

Lower Band ->3508.19

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

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