Mar 6,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY close 3576.50. Sensex 12415.04.

"Our prefered view is NIFTY should test wednesday's bottom(3674.85)". It is a quote from yesterday's post. Inspite of testing the said level, it has gone below further with a huge downside potential. Yesterday's low has ensured an intraday low below 3425.15 and a close below 3449.50, although the time at which it could take place couldn't be estimated.

If NIFTY closes below 3531.3 today another steep fall could be expected.

NIFTY would test 4137.50(inevitable - sure) in the short to medium term.

Upper Band ->4398.45

Lower Band ->3655.68

NIFTY stays below lower band for a longer period. It indicates that market remains oversold.


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

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