Short term trend in Nifty is looking bullish and it has potential of testing 3780-3800 level in coming trading sessions and this view holds good as long as Nifty stays above 3685.
Positional traders can book profit at higher levels around 3780-3800 to re-enter at lower levels.
Today, if Nifty sustains above 3700, then it could test 3750 and above 3750 it could test 3780.
Hindalco 183.40
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 175.
Long term investors can continue to hold this scrip with a stop at 160 for good upside potential in coming months.
Indian Hotels 1388.65
The short term trend is looking bullish and it has potential of testing 1600 in coming trading sessions. Buy on decline with a stop at 1310.
Long term investors can continue to hold this scrip with a stop at 1200 for good upside potential in coming months.
DELIVERY CALLS
Indian Rayon 878.70
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 1050 in coming weeks. Buy on decline with a stop at 800.
SAIL 85.60
The long term trend in this scrip is looking bullish.
In the short term it has potential of testing 110 levels in coming weeks. Buy on decline with a stop at 75.
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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.
