TECHNICAL OUTLOOK, 11 FEB

Nifty 5120.35


Short term

In the short term, Nifty seems to have bottomed out and this view holds good as long as Nifty stays above 4800. Now the level, 5250 is crucial for the short term. If Nifty could sustain above this level, then it is likely to rally towards 5800-6000 level in coming weeks. Instead, if it fails to hold above 5250, then a last downside leg which has potential of testing 5000 could unfold.

In the downside the level 4800 is crucial for the short term. As long as it stays above 4800, the short term trend would remain bullish. If it fails to hold above 4800, then it is likely to retest the bottom 4400.


Extreme Short term

In the extreme short term, the level 5000 is crucial. If it holds above this level, then the trend is likely to turn bullish.


Intraday

Today, if Nifty sustains below 5100, then it could test 5000. Instead, if it moves above 5170, then it could test 5260.




Trading Strategy

Now the crucial level is 5100. Be long above this level and be short below this level.




Medium term outlook of Nifty dated on 23 January 2008

The medium term outlook of Nifty has turned bullish and it is likely to move towards a new all time high by this year end and this view holds good as long as Nifty stays above 4400.



Long term outlook of Nifty dated on 23 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 4400.






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