TECHNICAL OUTLOOK, 17 JULY

DAILY NEWSLETTER


D Sathia Moorthy


Nifty 3816.70


Short term Technical View of Nifty



If Nifty fails to hold above 3780, then a decline to 3600 is likely. Instead, if it moves above 3920, then a rally towards 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 3720 and 3920 are crucial. Break out of either side would decide the extreme short term movement.



Nifty Intraday trading levels

Today, if Nifty trades above 3780, then it could test 3850 and above this level it could test 3920. Instead, if it trades below 3780, then it could decline towards 3700.




Trading Strategy for Nifty

Now the crucial level is 3920. 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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