18, May
Nifty 3635.10
In this type of fast retracement of expanding patterns, the top of present rally from the low of 3382 could fall short of previous high of 3777 or it could even move past the previous high, which means a minor correction can be expected at 3700 – 3777 region or around 3800.
Instead, if it retraces back from current level, the level 3560 should not be violated for Nifty to move up. If it breaches 3560 level, then it could move below further to test 3425 region.
As long as Nifty stays above 3340 level, the outlook remains positive for the Market. Below this level, the perceived technical picture has to be reworked.
The medium term technical picture suggests that Nifty could rally above 4200 region in a short span of time.
The views and targets of select scrips which were recommended for investment remains same. But if it trades below the stoploss level, cut positions below the stop and re-enter above the stoploss level, when it moves up.
