Apr 24,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY CLOSE 4085.10. SENSEX CLOSE 13928.33.

NIFTY moved well intraday yesterday. However, it has not yet tested the target 4137.50,which is being consistently mentioned for the past few months.

NIFTY has signalled indecisiveness. So, it requires a trigger for further momentum. RBI's policy measures and/or Reliance' results might act as trigger. Till then wait and watch.

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 4056.40. Immediate resistance for NIFTY stays at 4199.50.

UPPER BAND-> 4116.70
LOWER BAND-> 3619

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.

STOCKS TO WATCH
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[NO STOCK]