TECHNICAL OUTLOOK, 21 MAY

Nifty 4214.50

Nifty is likely to test a new high in coming trading sessions and it is in the process of making a significant top around 4300-4400 level. The run up towards this level is likely to be sharp and swift. Hold your longs till this level is tested.

In the extreme short term, it is likely to trade between 4210 and 4270 before moving above 4300. Instead, if it trades below 4180, it is likely to decline towards 4100.

Today, if Nifty sustains above 4210, then it is likely to test 4260-4270. If not, it is likely to test 4180, from where it is likely to resume its up move.



Medium term outlook of Nifty

In the medium term charts, the trend is looking bullish and it is likely to test 4300-4400 level in coming months.

Long term Investors can remain invested with a stop at 3900.



Trading Strategy

Remain long as long as it stays above 4180. Positional traders can hold Nifty for targets above 4300 in coming trading sessions.




Acc 876.45

The short term trend is looking bullish and it is likely to test 940 level in coming trading sessions. Buy with a stop at 865 for a target of 940.

Instead, if it trades below 865, it is likely to decline towards 830 level.



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