Nifty 3588.40
For the past few trading sessions, the index is trading in a tight range and this type of market behaviour would be followed by a sharp move and in this case it is likely to be in the upside.
The FMCG, IT, Oil and Gas, Midcaps and Auto scrips are likely to perform well in coming trading sessions. After some upside, Banking scrips are likely to see some corrective movement.
It seems 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 of 3650 with a stop at 3535.
Today, if Nifty sustains above 3572, then it has potential of testing 3600 and further, if it sustains above 3600, then it could test 3620.
Below 3572, Nifty to could test 3552 level.
IPCL 307.45
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 299 for the above mentioned target.
ACC 999.00
The short term trend is looking bullish and it has potential of testing 1050 initially in coming trading sessions. Buy with a stop at 982.
Bharat Forge 358.35
The short term trend is looking bullish and this scrip could test 400 in coming trading sessions. Buy with a stop at 350.
Delivery Calls
Centurian 24.35
The short term trend is looking bullish and it has potential of testing 35 initially in coming weeks. Buy with a stop at 22.
Ceat 120.70
The short term trend is looking bullish and it has potential of testing 170 initially in coming weeks. Buy on decline with a stop at 95.
Reliance Energy 483.55
If this scip moves and sustains above 500 level, then it move towards 600 level sharply.
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.
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