Apr 2,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY close 3821.55.

NIFTY doesn't have any strength to withstand bears onslaught, if any. CRR and interest rate raise are definitely going to have an impact in NIFTY irrespective of chart patterns. PCR OI is very low indicating weakness. Similarly, Open interest in derivatives are very low, indicating least interest in markets. So, a downside is expected in the opening itself.

The sectors expected to underperform includes banking, automobiles, real estate,etc.
FMCG & Pharma may be the sectors used to support the markets.

Support levels for NIFTY:
3784.75
3738.75
3655.00
3420.45

If the markets correct well, then we could expect an intraday low below 3425.10 in short term.

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

Immediate resistance for NIFTY stays at 3908.60.

Upper Band ->3901.20.

Lower Band ->3561.05.

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

STOCKS TO WATCH
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[NO STOCKS]