TECHNICAL OUTLOOK, 6 AUGUST

DAILY NEWSLETTER


D Sathia Moorthy


Nifty 4413.55




Short term Technical View of Nifty



Now, the level 4430 is the crucial level in the short term. If Nifty sustains above this level, then it is likely to move towards 4900-5000 by this month end.


If Nifty doesn’t go below 4430 here after, then the low of 3790 would be the medium term bottom. And also it implies a medium term rally in coming months.

In case, in coming trading sessions, if the level, 4430 is violated, then a decline to 4000 is likely.




Extreme Short term view of Nifty


In the extreme short term, the level 4430 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 4510, then it could test 4600 and above this level it could test 4650.



Trading Strategy for Nifty

Now the crucial level is 4430. Be long above this level and be short below this level.

If Nifty trades above 4600, then trade in the long side as long as it trades above 4570.





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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