Nifty 3454.45
Short term trend in Nifty is looking bullish and it has potential of testing 3550 and above in coming trading sessions. And this view holds good as long as Nifty stays above 3390.
Today, if Nifty sustains below 3460, then it has potential of testing 3430. Further, if it trades below 3430, Nifty has potential of testing 3400. Nifty is likely to bounce from any of the above mentioned levels.
On the other hand, if Nifty moves above 3460 and sustains above that level, then Nifty could move up further towards 3480 initially.
ZEE 296.30
The short term trend is looking bullish and it has potential of testing 350 in coming weeks. In the medium term the scrip has potential of testing 400 in coming months. The stop for the deliveries can be kept at 250.
For short term trading, long positions can be initiated on price weakness towards 285 with a stop at 280 for a target of 320.
GAIL 267.80
The short term trend in this scrip is looking bullish and it has potential of testing 300 in coming trading sessions. If this scrip sustains above 260, then it is likely to move towards 300. Buy with a stop at 260 on price weakness.
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.
