Monday, August 27, 2007

TECHNICAL OUTLOOK, 27 AUGUST


Nifty 4190.15

Nifty is likely to bottom out around 3950 level. Instead, if it sustains below 3900, then Nifty is likely to test 3500 in coming trading sessions. If Nifty moves above 4300, then the bottom would be confirmed at 4000. If it fails to move above 4300, then the level 4000 would be violated in coming trading sessions.

In the extreme short term, as long as it sustains below 4300, the trend would remain bearish.

Today, if Nifty sustains above 4160, then it is likely to test 4250 and above 4250, it could test 4280. Instead, if it moves below 4150, then it could test 4100.



Trading Strategy

Now the crucial level is 4150. Be short below this level and be long above this level till 4280 is tested.



Medium term outlook of Nifty - dated 23rd 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.





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