Apr 26,2007

NIFTY OUTLOOK (Based on TECHNICAL ANALYSIS)
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NIFTY CLOSE 4167.30. SENSEX CLOSE 14217.77.

As mentioned yesterday NIFTY has moved aboave 4160 and had a good closing. If NIFTY tests 4177.70, it could gain further momentum or signal another intraday high above it. But the real resistance at 4199.50 stays untested.

An intraday low below 4110 & 4060 could be expected in short/medium term.

Now, it is time to mention the lower side targets- 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.

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

UPPER BAND-> 4197.97

LOWER BAND-> 3592.22

Upper band provides scope for some upside. But other external factors like Reliance results might have some impact.

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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