Market Overview - CashTheChaos

Daily Outlook for Feb-04-2008

Nifty

NSE Nifty(5317.25):Nifty ended the last day of the previous week with a 3% gain but with an 1% loss for the week. From the extreme short term charts(15min/60min), there are some evidence that Nifty could get above the 5405 level. IF Nifty does get above that level there are further tests awaiting and there is a fairly good chance that Nifty would go on to register a lower top. Having said that, we will have an open mind and watch out for technical evidence that may point to the other side. The support for the Nifty is at 5019 and 4820 and resistance are projected at 5404, 5519 and 5565.

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