TECHNICAL OUTLOOK, 12 SEPTEMBER

Daily Newsletter


Nifty (spot) 4290.30



Nifty Intraday trading levels

Today, if Nifty trades below 4330, then it could test 4200. Instead, if it sustains above 4330, then it could test 4400.



Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 4330. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 4330 with a stop at 43000. Initiate longs, if Nifty declines towards 4200.




Short term Technical View of Nifty

Now, Nifty is likely remain bearish as long as it trades below 4350 and in the downside it is likely to test 4200.

Instead, if it sustains above 4350 level, then it could start a rally towards 4700.



Extreme Short term technical view of Nifty

In the extreme short term, the level 4330-4350 is crucial. If Nifty sustains above this level, then it is likely to rally towards 4700. If it fails to sustain above this level, then it is likely to decline towards 4200.



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 bullrun is likely to continue for another 4 to 5 years and this view holds good as long as Nifty stays above 3600.





Short term trading calls of Stocks for spot market



Abb

The short term trend of this scrip is likely to turn bullish if it sustains above 850, and in the upper side it could test 930 in the short term.

Instead, if it trades below 850, the short term trend would turn bearish and in the downside it is likely to decline towards 820.


Trading Strategy for Abb

For intraday, the crucial level is 865. Trade long above this level and trade short below this level.

Positional traders can initiate longs on declines with a stop at 850 for a target of 930. If it trades below 850, initiate shorts with a stop at 850 for a target of 820.




Canara Bank

The short term trend of this scrip is likely to turn bullish if it sustains above 209. and in the upper side it could move towards 240 initially.

On contrary, if it moves below 209, then the short term trend would turn bearish and in the downside it is likely to decline towards 190.

Trading Strategy for Canara Bank

For Intraday, the crucial level is 215. Trade long above this level and trade short below this level.

Positional traders can initiate longs with a stop at 209 for a target of 240.
Below 209, initiate shorts with a stop at 215.




SBI

The 1570 is crucial in the short term. If the scrip trades above this level, the short term would turn bullish and in the upper side it could test 1650.

If it fails to move above 1570, trend would remain bearish and in the downside it is likely to decline towards 1450.


Trading Strategy for SBI

For intraday, the crucial level is 1530. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to move above 1570.





Tata Steel

The level 490 is crucial for this scrip in the short term and medium term. If it sustains above this level, then it is likely to see a rally from these levels.

On contrary, if it trades below 490, the short term trend would turn bearish and in the downside it is likely to decline towards 430.


Trading Strategy for Tata Steel

For intraday, the crucial level is 532. Trade long above this level and be short below this level.

Positional traders can initiate longs on declines with a stop at 490. Short if it fails to move above 532.





Tcs

The crucial level for the scrip in the short term is 815. If it sustains above this level, then it is likely to turn bullish and in the upper side it could test 860.

Instead, if it trades below 815, the short term trend would turn bearish and in the downside it is likely to decline towards 780.



Trading Strategy for Tcs

For intraday, the crucial level is 845. Trade long above this level and be short below this level.

Positional traders can initiate longs on declines towards 815. Short if it fails to move above 845.