Apr 23,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY CLOSE 4083.55. SENSEX CLOSE 13897.40.

NIFTY chart pattern looks good and an intraday high above 4090 is inevitable, though it need not take place in today's trade itself. It is consistently maintained in previous posts that NIFTY would test 4137.50 and we still stick to it. However, some fundamental news driven event like further liquidity tightening have some bearing on the upward momentum.

Strengthening of PCR OI is a good sign. But it has to strengthen further if the market needs to stay bullish.

Immediate support level for NIFTY stays at 3980.65. Immediate resistance for NIFTY stays at 4199.50.

UPPER BAND-> 4011.45
LOWER BAND-> 3588.25

20 to 40 points above upper band may act as intraday resistance zone for NIFTY.

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

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