Nifty 3356.05
The short term trend in Nifty is looking bullish and this view holds good as long as Nifty stays above 3280 level. And as long as Nifty stays above this level, it has potential of testing higher targets above 3400.
Today, if Nifty trades below 3340, then it has potential of testing 3310-3320 level from where nifty is likely to bounce for higher targets.
Instead, if it sustains above 3340 and moves above 3370, then it has potential of testing 3400.
The stop for the longs is 3280.
Satyam 784.10
The short term trend in this scrip is looking bullish. If Satyam violates 780 level, then it could test 770, from where it is likely to bounce. On the upper side, initially, it could test 820. Stop for the long positions for short term traders is 770.
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 3050.
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.
