Nifty 3370.40
Short term trend in Nifty is looking bullish and this view holds good as long as Nifty stays above 3300. And as long as Nifty stays above this level, it has potential of testing higher targets above 3450.
Today, if Nifty moves above 3380 and sustains above that level, then it could test 3410-3420 level initially.
The stop for the longs is 3355.
Satyam 807.45
Short term trend in Satyam is looking bullish. It has potential of testing 850 in coming trading sessions. Stop for the longs is 796.
It is likely to move up from current levels. Instead, if it moves below 803, then it is likely to bounce from 796.
For deliveries, the stop can be kept at 785.
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 3200.
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 end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
