Nifty 3579.30
The short term trend in Nifty is looking bullish and it has potential of testing 3650 in coming trading sessions and this view holds good as long as Nifty stays above 3535 level.
Positional traders can continue to hold their long positions for the next short term target with a stop at 3535.
Today, if Nifty sustains above 3565, then it has potential of testing 3600 and further if it trades above this level, then it could move up further.
Below 3565, Nifty could test 3540.
Reliance 1172.00
The short term trend is looking bullish and it has potential of testing 1210 initially in coming trading sessions. Long positions can be initiated on price weakness, with a stop at 1150.
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.
