Nifty 3569.60
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 short term trend is still looking bullish and Nifty has potential of testing 3650 in coming trading sessions and this view holds good as long as Nifty stays above 3552 level.
If Nifty trades below this level, achieving the upside target would get delayed and in the downside it could test 3535 and 3510.
Positional traders can continue to hold their long positions for the next short term target of 3650 with a stop at 3552.
Today, if Nifty sustains above 3552, then it is likely to move up to test 3585 and further, if it sustains above 3585, then it could test 3600.
Ashok leyland 45.30
The short term trend is looking bullish and it has potential of testing 55 initially in coming trading sessions. Buy with a stop at 43.50.
Essar oil 55.70
The short term trend is looking bullish and this scrip is likely to break out in the upside and in the upside it has potential of testing 65. Buy with a stop at 54 for a target of 65.
Grasim 2520.25
The short term trend is looking bullish and it has potential of testing 3000 initially in coming trading sessions. Buy on decline with a stop at 2450.
Medium term Outlook of Nifty
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. The correction in this type of market would be sharp and shallow and also corrections would be retraced immediately.
So, I project a target of 3800 for Nifty in coming months. This view holds good as long as Nifty stays above 3300. Also, as long as Nifty stays above 3200 level, the long term trend of the market would be bullish and it has good potential in the upside in coming years.
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