TECHNICAL OUTLOOK, 21 JAN

Nifty 5705.30


Short term

In the short term, if Nifty fails to move below 5640, then it is likely to bounce back and it is a confirmation for the termination of the correction. Instead, if Nifty moves below 5640, then the correction is likely to terminate around 5400.


Extreme Short term

In the extreme short term, the level 5640 is crucial.

Intraday

Today, if Nifty fails to sustain above 5680, then it could test 5640. Instead, if it moves above 5740, then it could test 5820.


Trading Strategy

Now the crucial level is 5680. Be long above this level and be short below this level.




Medium term outlook of Nifty dated on 19 January 2008

The medium term outlook of Nifty is looking bullish and it seems unlikely for the Nifty to go below 5400 hereafter. And also, Nifty is likely to recover sharply and it is likely to move towards 7500 by this year end. In case, the level 5400 is violated, then a decline to 5000 is likely but still the upside target would remain same.



Long term outlook of Nifty dated on 19 January 2008

The long term outlook of Nifty is looking bullish and it seems that Nifty is in the middle of this bull run. So, the bull run is likely to continue for another 4 to 5 years and this view holds good as long as Nifty stays above 5000.






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