Nifty 3454.55
The 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 Nity stays above 3390.
Today, if Nifty sustains above 3435, then it has potential of testing 3500 initially, and if it trades above this level, then further upside is possible. Stop for the longs is 3420.
Century Textiles 486.90
The short term trend is looking bullish and it has potential of testing 515 initially in coming trading sessions. Long positions can be initiated on price weakness towards 480, with a stop at 473.
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.
