Nifty likely to test 4000

CLSA Technicals: Nifty likely to test 4000

India (Nifty - 4,627) : The index has attempted a rally off the lower
boundary of the triangle pattern that has developed since the January lows.
Nevertheless, our preferred view for this market may retest of the August 2007
lows, around the 4,000 mark (see Price Action Asia - 9 April).

A break below 4,448-4,500 would support this view that a decline towards
the August-2007 low was underway. We would be tempted to bargain hunt in the
4,200-4,000 range.

Nothing in this article is, or should be construed as, investment advice.

Rohit