Nifty 3366.15
Short term trend in Nifty has turned negative, once it moved below 3390 and now, it has potential of testing 3280-3300. If Nifty doesn’t violate this level, then Nifty is likely to bounce from this level. In the upside, Nifty should sustain above 3390 level in coming trading sessions to continue its rally.
The long term trend of Nifty is bullish as long as it stays above 3200.
Today, if Nifty fails to move above 3365, then it has potential of testing 3330 initially, and further, if it trades below 3330, then Nifty has potential of testing 3300. Above 3365, it could test 3380.
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. This view holds good as long as Nifty stays above 3200.
