TECHNICAL OUTLOOK, 8 OCT

Nifty 5185.85

In the short term, if Nifty moves above 5250, then it is likely to test 5350-5400 level in short span of time. If it fails to sustain above 5250, then a sharp decline to 4965 is likely in coming trading sessions.

In the extreme short term, if it sustains above 5250, then it is likely to test 5350. If it fails to move above this level, then it is likely to test 5050 initially.

Today, if Nifty trades above 5170, then it is likely to test 5250 level. Instead, if it trades below 5170, then it could test 5050.




Trading Strategy

Now the level 5250 is crucial for extreme short term movement. Remain long above this level and be short below this level.

The level 5170 is crucial for intraday movement.





Tata tea 843.05

The scrip is in long term bull trend. In the medium term, the trend is looking bullish and it is likely to test 1200 in coming months. Buy on declines with a stop at 740.



M&M 751.65

The long term outlook of this scrip is looking bullish.

The medium term outlook of this scrip is looking bullish and it is likely to test 1100 in coming months.

In the short term, if it sustains above 680, then it is likely to move towards 900.

In the extreme short term, as long as it stays above 710, the trend would remain bullish and it is likely to test 850. Below 710, it could test 680.




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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