Nifty 3921.75
Short term trend in nifty would remain bullish as long as Nifty stays above 3915. If it sustains below this level, then correction is likely to extend further in the downside.
In the extreme short term, if Nifty sustains above 3915, it likely to bounce from current levels.
Instead, if it fails to sustain above 3915, it is likely to decline towards 3895.
Today, If Nifty sustains above 3915, it is likely to test 3940 and above 3940, it could test 3965. Instead, if it moves below 3915, it could test 3895.
Reliance Capital 604.15
The short term trend is looking bullish and it has potential of testing 650 in coming trading sessions. Buy on decline with a stop at 565.
In the extreme short term, if it fails to sustain above 595, it could test 565. If the level, 595 is not violated in the downside, then it is likely to bounce from current levels.
Long term investors can continue to hold this scrip with a stop at 530 for a target of 800 in coming months.
DELIVERY CALL
Eicher 131.65
In medium term, chart indicates a rally towards 170 in coming weeks. Buy on decline with a stop at 115.
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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