Nifty 3007.55
The short term trend in Nifty continues to be bullish and it has potential of testing 3300 and above in coming trading sessions. It seems Nifty could bounce from current levels or from 2950 region.
Today, if Nifty sustains above 3000 level, and moves past 3060 region, then it could gain strength further to move towards 3100 region initially.
On the other hand, if Nifty violates 3000 region, or it fails to clear 3060 region, then it is likely to test 2950.
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 2850.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the month of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
