TECHNICAL OUTLOOK 30 NOVEMBER

Nifty 3928.20

As mentioned yesterday, short term trend in nifty would remain bullish as long as Nifty stays above 3915 and in the upside it could test 4000 initially.

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 3955 and above 3955, it could test 3970.


Satyam 451.40

The short term trend is looking bullish and it has potential of testing 500 in coming trading sessions. Buy on decline with a stop at 440.

Long term investors can continue to hold this scrip with a stop at 400 for a target of 600 in coming months.



DELIVERY CALL


Amara Raja Batteries 413.90

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

In medium term, chart indicates a rally towards 550 in coming weeks. Buy on decline with a stop at 370.



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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