Nifty 3457.35
If Nifty sustains above 3420 and moves above 3465, then the short term bullish trend would be intact. Below 3420, Nifty could test 3390. Nifty is likely to move up from any of the above mentioned level.
Today, if Nifty sustains above 3420, then it has potential of testing 3465 initially, and if it trades above this level, then further upside is possible. Instead, if it trades below 3420, then it could test 3390.
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.
