Nifty 3476.85
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.
Today, if Nifty sustains above 3460 and moves above 3480, then it could test 3510 level.
Below 3460, it could test 3440.
The stop for the longs is 3430.
ITC 190.15
The short term trend is looking bullish and it has potential of testing 210 in coming trading sessions. If the level 188 is not violated, then the scrip could move up from current levels.
If it trades below 188, then it could move down upto 185 from where it is likely to move up. Stop for the longs is 184.
TATA STEEL 506.10
This scrip is likely to test 550 level initially in coming tradings sessions. If this scrip stays above 500, then it could move towards 550. Buy for the short term with a stop at 500.
A move above 515 would confirm the upside target.
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
