TECHNICAL OUTLOOK 01 NOVEMBER

Nifty 3744.10

Nifty is likely to test 3800 in coming trading sessions and this view holds good as long as Nifty stays above 3720.

Today, if Nifty sustains above 3760, then it could test 3780 and above 3780 it could test 3800
Instead, if it fails to sustain above 3760, then in the downside it could test 3720.



Medium term Outlook of Nifty (dated 01/11/2006)

The medium term trend in Nifty is looking bullish and it has potential of testing 4200 in coming months. And this view holds good as long as Nifty stays above 3600.

As the expected correction around 3800 level, is taking place as a running sideways correction, the present technical setup of Nifty suggests that there would be no major downside in the immediate future. And also if Nifty doesn’t violate 3600 level, we are likely to see a sharp up move towards the next medium term target in coming months.

Long term Investors can remain invested for the next medium term target of 4200 in coming months with a stop at 3600.


Short term Outlook of Reliance is available at www.waveriders.in



Andhra Bank 93.30

The short term trend is looking bullish and it has potential of testing 110 in coming trading sessions. Buy on decline with a stop at 85.

The short term bullish view in this scrip would get negated if it closes below 80.

Long term investors can continue to hold this scrip with a stop at 75 for good upside potential in coming months.



DELIVERY CALLS


Jindal Stainless 123.85

The scrip is in long term bull trend and it has good potential in the long run.

In short term, chart indicates a rally towards 145 in coming weeks. Buy on decline with a stop at 110.


asksathia@hotmail.com