Nifty 3553.05
Though the trend still continues to be bullish, Nifty is likely to trade between 3510 and 3570 for the time being before moving up for higher targets.
Today, if Nifty fails to sustain above 3540, then it has potential of testing 3525 initially, and further if it trades below this level, then it could 3510.
Instead, if Nifty sustains above 3540, then it could test 3570.
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.
