TECHNICAL OUTLOOK, 01 OCT

Nifty 5021.35

In the short term, if Nifty sustains above 4840, then the trend would remain bullish and in the upper side it could test 5200 – 5250 level.

In the extreme short term, a minor correction towards 4930 is likely if it trades below 5010. If not, it is likely to test 5100.

Today, if Nifty trades above 5040, then it is likely to test 5080 level. Instead, if it trades below 5040, then a decline to 4965 is likely.



Trading Strategy

Now the level 4965 is crucial for extreme short term movement. Remain long above this level and be short below this level.

The level 5040 is crucial for intraday movement.




Medium term outlook of Nifty - dated 1st October

Nifty is likely to test 5250 level sharply and it will be followed by a consolidation between 5100 and 5600 for another 5 to 6 months. This view holds good as long as it stays above 4630. In case, if the level 4630 is violated, then a down move towards 4000 is possible for the medium term.


Long term outlook of Nifty - dated 1st October

Nifty is in long term bull market and after some consolidation between 5100 and 5600, it is likely to move towards 6000 in another 9 to 12 months. And this view holds good as long it stays above 4630. In case, if this level 4630 is violated, then after some downside it is likely to move towards 6000.





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