Short term trend in Nifty is looking bullish and it has potential of testing 3780 in coming trading sessions and it is likely to be followed by a minor correction.
Positional traders can book profit at higher levels to re-enter at lower levels.
Today, if Nifty sustains above 3710, then it could test 3750 and above 3750 it could test 3780.
ITC 194.50
The short term trend is looking bullish and it has potential of testing 210 in coming trading sessions. Buy on decline with a stop at 187.
Long term investors can continue to hold this scrip with a stop at 170 for good upside potential in coming months.
DELIVERY CALLS
Gati 97.90
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 130 in coming weeks. Buy on decline with a stop at 80.
Fujitsu Icim 232.45
The long term trend in this scrip is looking bullish.
It has potential of testing 300 levels in coming months. Buy on decline with a stop at 200.
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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.
