Thursday, August 07, 2008
TECHNICAL OUTLOOK, 7 AUGUST
D Sathia Moorthy
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Nifty 4517.55
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 technical view of Nifty
In the extreme short term, the level 4430 and 4600 are 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 again.
Nifty Intraday trading levels
Today, if Nifty sustains above 4575, then it could test 4600 and above this level it could test 4650. Instead, if it fails to trade above 4575, then it is likely to decline towards 4450.
Trading Strategy for Nifty
For positional traders, the crucial level is 4430. Be long above this level and be short below this level.
For intraday trading the level 4575 is crucial. Trade in the long side above this level and 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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