Nifty 3473.75
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions.
Today, as mentioned yesterday, 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 3460.
TCS 1004.00
After hitting our short term target of 1030, this scrip has turned weak. Now, the short term trend is looking bullish and it has potential of testing 1050 in coming trading sessions. If the level 998 is not violated, then the scrip could move up from current levels.
If it trades below 998, then it could move down upto 980 from where it is likely to move up. Stop for the longs is 980.
ACC 942.75
This scrip is likely to test 980 level initially in coming tradings sessions. If this scrip stays above 935, then it could move up from current levels. Buy for the short term with a stop at 935.
Below 935, it could test 920 and even in this case the bullish view and the upside target would remain valid.
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.
