PRE - MARKET for 12=09=2007
NIFTY - cl. 4497. Totally sidewise trend prevailed on 11/09/2007. For today, technically, it should be good and can go up if it can maintain above 4510 only. Then, a target of 4450 should be achieved on the day. Beyond that, the next resistance / target is between 4610 - 4620. The World Market has totally turned up yesterday. The rise of the Dow may be a reversal of the trend from down to up or it may be a correction of the previous fall. But the Nasdaq seems to be in uptrend. Dow is presently at 13308. The trend should be treated as up if it manages to close above 13450. Nikkie, which closed at 15878 on forming a very good hammer pattern should rise now and it may be assumed that its downtrend will now be reversed, at least temporarily. Hang Seng was in continuous uptrend and was consolidating for the time being. This chart is also not weak. So, with the backing of the World Market, our market, which was already stronger and was consolidating, should now witness good rise. And, we can expect that the earlier top of 4648 be surpassed by the next few days. But, technically, if it maintains below 4500, then it may witness a little fall. Downside supports / targets are 1) 4450, 2) 4435, 3) 4390 - 4400. With Regards.
