Next nifty support leavel @3650 says India Infoline Ltd

India Infoline Ltd. in it's weekly wrap  stated that there is every chance of the Nifty sliding to 3,650, which seems to be the next support
To quote from that report
After several unsuccessful attempts to form a base around 4,280 (38.2% retracement from the previous high on monthly charts) in July and August, the Nifty slid to new lows of 3,715 in September. Every attempt at a recovery has been futile due to sustained selling from FIIs. Friday's session (October 3, 2008) was no different and the Nifty closed lower by 3.4% at 3,818. In the near term, a lot will depend on the developments over the weekend in the US with respect to their bailout package. However, there is every chance of the Nifty sliding to 3,650, which seems to be the next support. This is the 50% retracement level and coincides with the support of the long term trendline at 931 levels from May 2003. Even if the bailout does go through, any sentimental upmove would be short-lived and the Nifty would struggle to sustain a level higher than 4,200-4,250.
For full report please click here

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