Nifty 3569.70
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 3540 level.
FMCG, Health, IT, Auto, and Midcaps are looking bullish.
Today, if Nifty moves above 3585, then it could test 3600 and if it sustains above 3600, then further upside is possible.
If it fails to clear 3585, in the downside it could test 3552 level.
Canara Bank 284.70
The short term trend is looking positive and it has potential of testing 320 initially in coming trading sessions. Buy with a stop at 278.
GE Shipping 303.60
The trend is looking bullish and it could see a sharp upmove towards 360 levels in coming trading sessions. Buy on decline with a stop at 290.
Hind lever 245.40
The short term trend is looking bullish and it has potential of testing 265 initially in coming trading sessions. Buy on decline with a stop at 238.
Bongaingaon Refineries 59.45
The short term trend is in bullish mode and it has potential of testing 75 in coming trading sessions. Buy on decline with a stop at 55.
HCL Tech 552.80
The short term trend is in bullish mode and it has potential of testing 600 in coming trading sessions. Buy on decline with a stop at 525.
DELIVERY CALLS
3I Infotech 178.95
Chart indicates that the short term trend is looking bullish and it has potential of moving towards 210. Buy with a stop at 165.
3M India 1389.55
The scrip is in long term bull market and it has good potential in the long run.
In short term, chart indicates a rally towards 1700 in coming weeks. Buy with a stop at 1300.
Orchid Chemicals 208.20
The scrip is in long term bull market and it has good potential in the long run.
The short term trend is looking bullish and it has potential of testing 240 initially in coming weeks. Buy on decline with a stop at 200.
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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