TECHNICAL OUTLOOK, 29 OCTOBER

Nifty (spot) 2684.75



Nifty Intraday trading levels

Today, if Nifty trades above 2700, then it could test 2750 and above 2750, it could test 2850. Instead, if it sustains below 2700, then it could test 2625 and below 2625, it could test 2500.


Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 2750. Trade short below this level and trade long above this level till 2700.

Positional traders can initiate shorts if it fails to sustain above 2750 for a target of 2500 and trade long above 2750 for a target of 2850.



Short term Technical View of Nifty


The level 2750 is crucial in the short term. If it fails to sustain above 2750, then a decline to 2200 levels is likely.

Instead, if Nifty moves above 2750, then it is likely to rally to 3050.

As long as Nifty trades below 3050, the short term trend of Nifty would remain bearish with a downside target of 2000.


Medium term outlook of Nifty dated on 14 October 2008

The medium term outlook of Nifty would remain bearish if it fails to sustain above 3100. Nifty is likely to bottom out in the medium term at 2000-2200 levels in coming months and if it fails to sustain above this level, then it is likely to decline below 2000 levels.





Long term outlook of Nifty dated on 13 October 2008

The long term outlook of Nifty is looking bearish and it seems that Nifty is likely to bottom out in 6 months to 1 year if the bottom forms around 2000. If the level 2000 is not held, then Nifty is likely to take more than 1 year to bottom out.





Short term trading calls of Stocks for spot market



Reliance (spot)

The level 1200 is crucial for this scrip for the short term. If it sustains above 1200, then it is likely to rally towards 1300.

Instead, if it fails to sustain above 1200 in coming trading sessions, then it is likely to turn weak and it could decline towards 800 initially.

Trading Strategy for Reliance

For intraday, the crucial level is 1200. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1200 for a target of 1300. Initiate shorts if it fails to sustain above 1200 for a target of 800 initially.



SBI (spot)

The crucial level for the short term for this scrip is 1200. If it fails to sustain above 1200, then it is likely to turn bearish and in the down side it could test 800 in coming trading session.

Instead, if it sustains above 1200, then the short term trend would turn bullish and in the upper side it is likely to move towards 1380.

Trading Strategy for SBI

For Intraday, the crucial level is 1165. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1200 for a target of 800. And initiate longs if it sustains above 1200 for a target of 1380.



Satyam (spot)

The level 315 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 350.

If it fails to sustain above 305, then the trend would turn bearish and in the downside it is likely to decline towards 200 initially.


Trading Strategy for Satyam

For intraday, the crucial level is 305. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 305 for a target of 350. Initiate longs if it sustains above 305 for a target of 200.





Infosys (spot)

The level 1340 is crucial for this scrip in the short term. If it sustains above this level, then it is likely to see a rally from these levels towards 1400.

Instead, if it fails to sustain above 1340, the short term trend would turn bearish and in the downside it is likely to decline towards 1000 initially.



Trading Strategy for Infosys

For intraday, the crucial level is 1310. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 1340 for a target of 1000. Initiate longs if it sustains above 1340 for a target of 1400.




TCS (spot)

The crucial level for the scrip in the short term is 600. The trend would remain bearish for this scrip if it sustains below 600 and in the down side, it could test 400.

If the scrip sustains above 600, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 700.


Trading Strategy for TCS

For intraday, the crucial level is 580. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 600 is broken in the upside for a target of 700. Short if it fails to sustain above 600 for a target of 400.




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