TECHNICAL OUTLOOK, 24 JULY

DAILY NEWSLETTER


D Sathia Moorthy



Nifty 4476.80




Short term Technical View of Nifty


Now, the level 4200 is the crucial level in the short term. If Nifty doest go below this level here after, then the low of 3790 would be the medium term bottom.

If Nifty consolidates or sustains above the recent gap up level of 4370, then Nifty has a target of 5000 and above in coming weeks before going for a correction.

Instead, if it fails to hold above 4350, then a decline to 4200 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 4350 is crucial. As long as it trades above this level, the trend would remain bullish. If it sustains above 4490, then it is likely to test 4600.



Nifty Intraday trading levels

Today, if Nifty trades above 4490, then it could test 4600. Instead, if it fails to sustain above 4490, then it is likely to decline towards 4420.



Trading Strategy for Nifty

Now the crucial level is 4490. 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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