TECHNICAL OUTLOOK, 5 AUGUST

DAILY NEWSLETTER


D Sathia Moorthy



Nifty 4413.55


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Short term Technical View of Nifty



Now, the level 4150 is the crucial level in the short term. If Nifty doesn’t go below this level here after, then the low of 3790 would be the medium term bottom.


As long as it stays above this level, the short term trend would remain bullish and in the upper side it is likely to move above 4600 in coming weeks.

Instead, if it fails to hold above 4150, then a decline towards 4000 level is likely initially.



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 and in the upper side it is likely to test 4600 initially.





Nifty Intraday trading levels

Today, if Nifty sustains above 4410, then it could test 4450 and above this level it could test 4500. Instead, if it sustains below 4410, then it is likely to decline towards 4350.




Trading Strategy for Nifty

Now the crucial level is 4350. Be long above this level and be short below this level.

In case Nifty trades below 4350, it is likely to decline further and in that case avoid holding longs below 4350.






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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