Nifty 3190.00
The short term trend in Nifty is looking bullish and this view holds good as long as Nifty stays above 3050 level. And as long as Nifty stays above this level, it has potential of testing higher targets above 3250 level.
Today, if Nifty stays above 3150 and moves above 3210, then it could move towards 3250. Stop for the longs is 3150.
On the other hand, if it breaks 3150, then crrection could extend further in the downside.
Acc 858.35
If the level 850 is held, then this scrip has potential of testing 890 in coming trading sessions. If 850 is broken, then it could test 820 in the downside.
Medium term Outlook of Nifty
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.
