Nifty 3212.40
The short term trend in Nifty is looking bullish and this view holds good as long as Nifty stays above 3140 level. And as long as Nifty stays above this level, it has potential of testing higher targets above 3300.
Today, if Nifty manages to stay above 3190, then, initially it could move towards 3240 and if Nifty sustains above this level, then it could move towards 3260-3280 region.
The stop for the longs is 3190.
Reliance 977.15
If the scrip sustains above 985 level, then it has potential of testing 1020 in coming trading sessions.
TCS 954.80
If the level 930 is not violated in the downside, this scrip has potential of testing 1000 in coming trading sessions.
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.
