Sep 11, 2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
__________________________________

NIFTY Closes at 4509.50. Sensex Closes at 15596.83.

As mentioned in yesterday's post NIFTY is likely to test a low below 4440 and yesterday's low(4452.95) could be tested too. It need not take place today itself.
Now the patterns doesn't suggest a definite trend. So, it is better to wait and watch. But upper band might provide some hope, although it doesnot ensure upside.

Resistance stays at 4519.05 and 4626. support is at 4446.10, which prevented NIFTY from further downfall yesterday.

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 -> 4627.65.

Lower band -> 4032.40.

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

Stocks to Watch
===============
NONE