TECHNICAL OUTLOOK, 12 NOV

Nifty 5663.25

In the short term, Nifty is likely to bottom out around 5000 levels, if it violates 5550. The trend would remain bearish as long as it trades below 5780.

In the extreme short term, if it sustains below 5780, then it is likely to test 5550. Below 5550, it could test 5350.

Today, if Nifty sustains below 5680, then it is likely to test 5550 and below this level, it could test 5350. Instead, if it trades above 5680, then it is likely to test 5780.


Trading Strategy

The levels 5780 and 5550 are crucial. Be short below 5780 and carry forward your shorts below 5550.



Chennai Peto 347.55

The long term outlook of this scrip is looking bullish.

The medium term outlook of this scrip is bullish as long as it stays above 230. Any correction within this level is likely to be followed by a sharp rally towards 500 in coming months.

In the short term, if it fails to sustain above 360, then it is likely to test 300 and below 300, I could test 250 in coming weeks. Instead, if it sustains above 330, then the trend would remain bullish and it is likely to test 400.

In the extreme short term, if it fails to sustain above 330, then it is likely to decline towards 300.



Essar oil 78.60

The long term outlook of this scrip is looking bullish.

The medium term outlook of this scrip is bullish and it is likely to test 150 in coming months and this view holds good as long as it stay above 45.

In the short term, if it sustains above 65, then it is likely to move towards 100 initially. Instead, if it fails to sustain above 65, then it could test 50 in the downside.

In the extreme short term, if it sustains above 70, then the trend would remain bullish and it could test 100.




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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