TECHNICAL OUTLOOK, JULY 30

Nifty 4445.20

Short term correction in Nifty is likely to terminate around 4300. Instead, if it moves below 4300, then correction is likely to extend in to a medium term correction.

In the extreme short term, as long as it stays below 4550, the trend would remain bearish.
Today, if Nifty sustains below 4470, then it is likely to test 4400. Below 4400, it could test 4350.

Instead, if it sustains above 4470, then it is likely to test 4500.



Medium term outlook of Nifty - dated 23st July

Nifty is likely to make a significant top around 4600 level. Instead, if it moves above 4600, then it is likely to move towards 5000 in coming weeks.



Long term outlook of Nifty - dated 29th June

Nifty is in long term bull market and after some downside, it is likely to move towards 5000 by this year end.




Trading Strategy

Hold your shorts with a stop at 4470 and exit if it moves above this level.



ACC 1000.80

The correction in the scrip is likely to terminate around 950. If it moves below 950, then correction is likely to extend towards 875. Buy, if the level 950 is held. If not, enter around 875, for a rally towards a new high in coming weeks.

In the short term, short the scrip if it rises towards 1025 with a stop 1035, for a target of 950.


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