Nifty 3356.75
Short term trend in Nifty is looking bullish and this view holds good as long as Nifty stays above 3280. And as long as Nifty stays above this level, it has potential of testing higher targets above 3400.
Today, if Nifty sustains above 3340 and moves above 3370, then it has potential of testing 3400. If Nifty trades below 3340, then it has potential of testing 3000-3010, from where it is likely to bounce.
TCS 969.70
Short term trend in TCS is looking bullish and if this scrip stays above 960 and moves above 980, then it has potential of testing 1030 in coming trading sessions. Stop for the longs 960.
Tata Steel 513.00
Short term trend in Tata Steel is looking bullish and if this scrip stays above 515, then it has potential of moving towards 550-560 level initially. Instead, if it fails to sustain above 515, then it has potential of testing 495 from where it is likely to bounce.
GAIL 254.25
The outlook for this scrip would be bullish if it stays above 250 and moves above 260. If it moves above 260, then it has potential of testing 300 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 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.
