TECHNICAL OUTLOOK, 24 DEC

Nifty 5766.50

In the short term, Nifty is likely to bounce back if Nifty holds above 5740 and it is likely to move towards 6050 in coming trading sessions and a move above 5840 would confirm the bottom. Instead, if it fails to hold above 5740, then it is likely to decline towards 5540.

In the extreme short term, the level 5850 is crucial. If Nifty trades above this level, then it could confirm a bottom.

Today, if Nifty trades above 5800, then it could test 5850 and above 5850 it could 5900. Instead, if it fails to move above 5740, then a decline to 5650 is likely.




Trading Strategy

Now the crucial level is 5850. Be long above this level and be short below this level.





Ashok Leyland 48.45

The long term outlook of this scrip is looking bullish.

In the medium term, the scrip is likely to see a sharp rally towards 150 in coming months and this view holds good as long as it stays above 42.

In the short term, the trend would remain bullish as long as it stays above 47 and it is likely to see a sharp rally towards 100 in coming weeks.

In the extreme short term, if it sustains above 47, it would rally from current levels. if not, it is likely to decline to 42 levels.




Great Offshore 845.15


The medium term outlook of this scrip is looking bullish and it is likely to test 1500 in coming months and this view holds good as long as it stays above 820.

In the short term, if it sustains above 820, then it is likely to move towards 1050 in coming weeks.

In the extreme short term, if it sustains above 820, then it is likely to rally towards 950 initially.





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