Aug 20,2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY closes at 4108.05.

Unless the political crisis affects the markets, NIFTY could move up along with the asian markets. It tested 200 day sma on friday and has founded support there. Nifty too has closed above crucial fibbonacci level near 4100.

But buyers should stay cautious as the political musings might have some repercussions on NIFTY.

Sharp volatality in the market could be expected.Resistance stays at 4441.35 and 4626.15. support is near 3980.

An intraday high above 4534 is inevitable in medium term to long term.

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 in some future date. The time frame for it to take place is unpredictable.

Upper band -> 4709.

Lower band -> 4150.

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.