Sep 3, 2007

NIFTY OUTLOOK - TECHNICAL ANALYSIS
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NIFTY closes at 4464.

Chart patterns and other data like PCR OI indicates possible upside for NIFTY. However, if Asian markets or other world markets react negatively, it might have some impact. Otherwise, NIFTY could march upward to test the intraday high above 4534, which we have been mentioning consistently that it would be tested. It need not happen today itself.

Sharp volatality in the market could be expected.Resistance stays at 4626. support is near 4398.10.

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 -> 4539.40.

Lower band -> 4419.

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

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