Apr 25,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY CLOSE 4141.80. SENSEX CLOSE 14136.72.

NIFTY has tested the target 4137.50,which is being consistently mentioned for the past few months, even when markets looked bearish.

Now, it is time to mention targets in the lower side - an intraday low below 3575 is likely in the medium term. This doesnot mean that market would turn bearish immediately. However, further upside targets are unpredictable.

An intraday high above 4160 and an intraday low below 4060 could be expected in short/medium term.

NIFTY has to test 4199.50, which is the immediate resistance, to move up further beyond 4200.

Immediate support level for NIFTY stays at 4056.40. Immediate resistance for NIFTY stays at 4199.50.

UPPER BAND-> 4156.65
LOWER BAND-> 3604.37

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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LAKSHMI OVERSEAS