Nifty 3701.05
Today, If Nifty doesn’t violate 3655 level it could quickly rebound from lower levels and a cross-over above 3730 region would confirm the bottom.
If it moves below 3655 level quickly in the morning itself, then Nifty could bottom out around 3590-3610 levels.
In any case the trend in Nifty continues to be bullish, and we could see a quick rebound from any of these levels and in coming trading sessions Nifty could move above 3800.
The stop for the longs in VSNL is 478.
Nifty is forming a bullish triangle pattern, and at present, Nifty is well within the pattern and it is about to break out in the upside in coming trading sessions. Only if Nifty moves below 3520 region, the bullish view on Nifty would get negated. So, unless 3520 is broken, the lower levels can be used to initiate long positions.
As previously mentioned, Nifty is about explode in the upside in coming trading sessions and it could test 4200 region in a very short span of time.
