TECHNICAL OUTLOOK, 09, APRIL

Nifty 3752.00

It seems that Nifty has made a medium term bottom when it tested 3617. Unless, Nifty moves below this level, the view holds good. And also, if Nifty doesn’t go below 3675 here after, it will give confirmation to the above bullish view. Now, Nifty is likely to test 3950- 4000 level in coming trading sessions.

In the extreme short term, if it remains above 3675, the trend would be bullish and in the upper side it could test 3820 initially.

Today, if Nifty trades below 3770, it is likely to test 3700-3720 level. Instead, if it sustains above 3770, it is likely to test 3820.



Medium term outlook of Nifty
In the medium term charts, the trend is looking bullish and it is likely to test 4500 in coming months.

If Nifty doesn’t trade below 3620, then it is likely to move up towards 4200 initially. In case, if it trades below 3620, then it is has potential of testing 3300 in short term and even in this case, the medium term bullish outlook would remain intact.

Long term Investors can remain invested with a stop at 3620. In case, 3620 is violated, exit the holdings and re-enter around 3300.



Trading Strategy

Remain long with a stop at 3675.




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