Nifty 3471.60
The short term trend in Nifty is looking bullish and it has potential of testing 3560-70 level in coming trading sessions and this view holds good as long as Nifty stays above 3420.
Positional traders can hold on to their long positions for the next short term target with a stop at 3420.
Today, if Nifty sustains above 3462, and moves above 3480, then it has potential of testing 3520 initially, and if it trades above this level, then further upside is possible. Stop for the longs is 3440.
Colgate 371.90
The short term trend is looking bullish and it has potential of testing 450 initially in coming trading sessions. Long positions can be initiated on price weakness, with a stop at 365.
Below 365, it has potential of testing 345. But the upside target remains same in this case also.
Cummins Ind 212.70
The short term trend is looking bullish and it has potential of testing 280 initially in coming weeks. Long positions can be initiated on price weakness, with a stop at 208.
In case if it trades below 208, then in the downside it has potential of testing 190. But the upside target is valid, even in this case.
Essar oil 55.85
The short term trend is looking bullish and it has potential of testing 80 initially in coming weeks. Long positions can be initiated on price weakness, with a stop at 54.
IPCL 301.35
The short term trend in this scrip is looking bullish and it has potential of testing 340 in coming trading sessions. Buy on decline with a stop at 295 for the above mentioned 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. This view holds good as long as Nifty stays above 3200.
