Nifty 3492.75
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 3435. And also Nifty should sustain above 3490 to confirm the bullish view.
Positional traders can hold on to their long positions for the next short term target with a stop at 3435.
Today, if Nifty sustains above 3470, then it has potential of testing 3520 initially, and if it trades above this level, then further upside is possible.
ACC 955.35
The short term trend is looking bullish and it has potential of testing 1000 initially in coming trading sessions. Long positions can be initiated on price weakness, with a stop at 940.
In the medium term, the scrip is looking bullish and one can hold it with a stop at 900.
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.
