TECHNICAL OUTLOOK 17 NOVEMBER

Nifty 3876.30

As mentioned earlier, if Nifty moves above 3875 and sustains above that level, then it is likely to test 3940-3950 level in coming trading sessions. Nifty is likely to see corrective movement around this level.

Instead, if it fails to sustain above 3850, in the downside, it could test 3820.

Today, If Nifty sustains above 3865, then it is likely to test 3885 and above 3885, Nifty could test 3910.


Bata 205.45

The short term trend is looking bullish and it has potential of testing 250 in coming trading sessions. Buy on decline with a stop at 185.

In the extreme short term, if it sustains above 195, then it is likely to bounce from current levels.

Long term investors can continue to hold this scrip with a stop at 180 for a target of 300 in coming months.



DELIVERY CALLS

Hindustan Motors 37.75

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 50 in coming weeks. Buy on decline with a stop at 33.



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.


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