TECHNICAL OUTLOOK, 23 JUNE

Nifty 4504.25

Short term

Nifty seems to be in the last downside leg with a targets up to 4250 and it is likely to be followed by a sharp rally towards 4950 in coming weeks. The medium term and long term bull trend of Nifty is still intact.



Extreme Short term

In the extreme short term, the levels 4450 and 4250 are crucial.



Intraday

Today, if Nifty trades above 4370, then it could test 4250. Instead, if it trades below 4370, then it could test 4420.




Trading Strategy

Now the crucial level is 4250. Be short below this level and be long above 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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