TECHNICAL OUTLOOK, 22 JULY

DAILY NEWSLETTER


D Sathia Moorthy


Nifty 4159.50


Short term Technical View of Nifty



If Nifty sustains above 4200, then the short term trend is likely to turn bullish further and in the upper side it could test 4500 in coming trading sessions. Instead, if it fails to sustain above 4200 in coming trading sessions, then a decline is towards 4000 is likely.

The last crucial level for the Nifty is 3600-3775. As long as Nifty stays above this level, the long term and Medium term bull trend of the market would be intact.



Extreme Short term view of Nifty

In the extreme short term, the level 4000 and 4200 are crucial. Break out of either side would decide the extreme short term movement.



Nifty Intraday trading levels

Today, if Nifty trades above 4120, then it could test 4215, and above this level it could test 4300. Instead, if it fails to sustain above 4215, then it could decline towards 4050.




Trading Strategy for Nifty

Now the crucial level is 4215. Be long above this level and be short below this level.






Medium term outlook of Nifty dated on 02 July 2008

The medium term outlook of Nifty has turned bullish and it is likely to move towards 5500 by this year end and this view holds good as long as Nifty stays above 3600.



Long term outlook of Nifty dated on 02 July 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 3600.






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