Apr 18,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY CLOSE 3984.95. SENSEX CLOSE 13607.04

NIFTY chart pattern looks good. But it has to strengthen little bit to gain further.
So, NIFTY requires some consolidation to hold the gains.

NIFTY has closed above upper band day before yesterday. It prevents further momentum. So, a small dip or consolidation may not be a surprise. An intraday low below 3969 could be expected shortly.

Immediate support level for NIFTY stays at 3890.15. Immediate resistance for NIFTY stays at 4199.50.

UPPER BAND-> 4011.45
LOWER BAND-> 3588.25

If NIFTY moves above upper band by 20-30 points it may retrace from the day's top.

NIFTY will test 4137.50 in the future(inevitable - sure- medium term) any day. NIFTY has to strengthen again to test this levels.

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

STOCKS TO WATCH
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CESC LTD.