Nifty 3413.90
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions and this view holds good as long as Nifty stays above 3390. Positional traders can exit their long positions for the time being, if Nifty trades below 3390.
Today, if Nifty sustains above 3400, it could test 3440 and if it sustains above this level, then it could test 3455-3460 level.
The stop for the longs is 3390.
SHORT TERM TRADING CALLS
RELIANCE 1118.10
The short term trend is looking bullish. Fresh long positions can be initiated at current levels with a stop at 1110 for a target of 1200 in coming trading sessions. A move above 1140 would confirm the upside target.
TATA STEEL 496.25
If this scrip sustains above 490, then long positions can be initiated on price weakness with a stop at 490, for a target of 550 in coming trading sessions.
DELIVERY CALLS
Cosmo films 100.45
The scrip has potential of testing 150 in coming weeks.
Price weakness towards 90 can be used to buy with a stop at 90 for a target of 150 initially in the medium term.
GE Shipping 273.40
The scrip has potential of moving above 300 initially and above 300 it would confirm a major long term upmove.
In the short term, if it sustains above 257, then it could test 300.
For deliveries, the stop can be kept at 240.
Medium term Outlook of Nifty
On June 14, before Nifty had bottomed out, I suggested two bullish post correction scenario, in which, one being, Nifty could cross its all time high before the end of August 2006. By August end, Nifty tested a high of 3452. Now, my bullish view on Nifty continues to be same.
The pattern in Nifty suggests that it is likely to exceed its all time high of 3774 in two or three months atleast by few points before going in to corrective mode. So, I project a target of 3800 for Nifty in coming months.
