30, May
Nifty 3214.90
As I have mentioned yesterday, if Nifty sustains above 3200 region and moves past 3250 region, initially it could test 3350-3400 level and then it could move towards 3500 in coming trading sessions. If that is the case, then we could see sharp and strong broad based rally in individual stocks. Scrips like Satyam, Acc, Reliance, Tisco, and Telco would lead the rally. Stop for the Nifty longs is 3170.
On the other hand, if the region 3140 is violated in the downside, Nifty would move towards 3050 region. Even if it tests 3050 region, it could rebound from that level. Only below 3000 region, Nifty could turn weak further to go below its earlier low of 2896.
It Seems Nifty has bottomed out and has turned bullish. Initially, it could move towards 3500 level. After a short term correction of 300 points from that level, Nifty could move above 3500 level and it has possibility of testing 3800 in coming weeks.
