July 31,2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY closes at 4440.05.

Short term support and resistance stays at 4381.1 and 4496.11.

NIFTY stays indecisive and waits for a trigger to move either side. It has closed below medium term sma for the past two days. If it closes below it today also. Then a correction could be expected. World markets and the announcement from RBI could act as a trigger.

NIFTY is sure to test 4345 and 4302 levels. Trade with utmost caution and stoploss.

Liquidity would be the dictating factor in the days to come. It is consistently mentioned about the possible lows in this page - "possible lows below 4145, 3985 and 3800 are inevitable." As per our view NIFTY has tested 4145. Expect the rest of the lows to be tested. The time frame for it to take place is unpredictable.

Upper band -> 4666.

Lower band -> 4276.95.


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

Stocks to Watch
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[NO STOCKS]-> As we advised profit booking for many weeks, no buy calls were mentioned here for many posts. We maintain the Status quo.