TECHNICAL OUTLOOK, 26 MAY

Nifty 4946.55

Short term
The correction in Nifty is likely to terminate around 4800 level. Correction would be followed by a rally towards 5500.

Extreme Short term
In the extreme short term, the level 5000 is crucial. If it fails to sustain above this level, then it is likely to decline towards 4800 initially.

Intraday
Today, if Nifty sustains below 5000, then it could test 4850.


Trading Strategy
Now the crucial level is 5000. 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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