July 9,07

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY closes at 4384.85

NIFTY tested short term sma for the past two days after 4 trading sessions.

An intraday low bleow 4302 and an intraday high above 4411 are inevitable. But the time frame for them to take place is unpredictable. Upper band stays at 4414.25 providing scope when there is an upmove.

NIFTY's immediate support level stays at 4276.75.

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.

Long term traders should utilise the market bull run to book profits systematically. A decent correction could be expected after rally, where the people holding cash could utilise the opportunity to buy at bottoms. Long positions require strict stop loss.

Upper band -> 4394.50.

Lower band -> 4082.

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.