Investors have been uncertain about market prospects in the wake of the crisis in Greece. But, those tracking the charts are more optimistic about the outlook. Technical analysts are betting on a rebound in benchmark indices as indicators are pointing to further strength in the market for the near term. Analysts feel traders could create bullish bets as the Nifty could move about 3-4% in the near term. The Nifty closed at 8,368 on Tuesday. Shubham Agarwal, Head – Technical Research, Motilal Oswal Securities Where are we now? Nifty is now at a verge of a breakout post a reversal from the lower end of a ‘Downward Sloping Wedge’ which has been under development for the past four months. The probability of it moving up based on the historical back-test remains at 80%. Levels to watch: Post a temporary time correction in the band of 8150-8450, the Index is expected to move up for an initial target of 8900 and a pattern target of 9200. A statistical study which compares Relative Strength of Global Equities coincide with a Buy for Indian equities and could lead to inflow of fresh investments. Ashu Bagri, Assistant Vice President -Technical Analyst, SBICAP Securities Where are we now? Nifty futures are stuck in a range. On the downside, it is finding support at 8160 (the 100% price extension which we have drawn from low of 4538 to high of 6349). On the upside, it is finding resistance at 8390 (the 50% price extension which we have drawn from low of 2228 to high of 6336). Levels to watch: A close above 8390 on the weekly basis can take Nifty futures to higher level of 8587 (8587 is the 123.60% price extension which we have drawn from low of 4538 to high of 6349). So levels to watch out for in days to come would be 8160 —8390—8587. Gajendra Prabu, Technical Analyst, HDFC Securities Where are we now? The index has validated a channel breakout last Monday and moved in to a consolidation phase for a couple of days. It provided a strong weekly close on Friday with rising window candle formation on weekly chart. The much-required throw back fall seems to have completed on Monday due to Greece developments. Interestingly, the turnaround has taken place at a cluster support which are around 50% retracement of last rise (7940 to 8423) and 200-day EMA. Levels to watch: Technically, a larger bounceback move may be on the cards. The next level to watch on upside is 8423/8490. If we clear this level, then we could test 8650-8700 band before July expiry which is around 61.8% retracement level of entire fall from 9119 to 7940.