TECHNICAL OUTLOOK, 6 OCTOBER

Nifty (spot) 3818.30



Nifty Intraday trading levels

Today, if Nifty trades above 3780, then it could test 3880. Instead, if it trades below 3780, then it could test 3700.



Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 3780. Trade short below this level and trade long above this level.

Positional traders can initiate longs if it sustains above 3780 for a target of 4000. Short below 3780 for a target of 3600.



Short term Technical View of Nifty

The level 3780 is crucial for the short term. If Nifty sustains above this level, then it is likely to rally from these levels to 4000 initially.

Instead, if it fails to sustain above 3780, then a decline to 3600 levels is likely.



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.





Short term trading calls of Stocks for spot market



Reliance

The level 1700 is crucial for this scrip for the short term. If it sustains above 1700, then it is likely to rally towards 2100 initially.

Instead, if it fails to sustain above 1700 in coming trading sessions, then it is likely to turn bearish and it could decline towards 1400.

Trading Strategy for Reliance

For intraday, the crucial level is 1785. Trade long above this level and trade short below this level.

Positional traders can initiate longs if it fails to move below 1700 for a target of 2100. Initiate shorts if it fails to sustain above 1700 for a target of 1400.



DLF

The crucial level for the short term for this scrip is 325. If it sustains above 325, then it is likely to turn bullish and in the upper side it could test 390 in coming trading sessions.

Instead, if it fails to sustain above 325, then the short term trend would turn bearish and in the downside it is likely to decline towards 250.

Trading Strategy for DLF

For Intraday, the crucial level is 340. Trade long above this level and trade short below this level.

Positional traders can initiate longs if it fails to move below 325. And initiate shorts if it sustains below 325.



Rcom

The level 320 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 390 and above 390, it could test 440.

If it fails to sustain above 320, then the trend would turn bearish and in the downside it is likely to decline towards 280.


Trading Strategy for Rcom

For intraday, the crucial level is 320. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 320. Initiate longs if it fails to move below 320 for a target of 390.





Reliance Capital

The level 1000 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 1300.

Instead, if it fails to trade above 1000, the short term trend would turn bearish and in the downside it is likely to decline towards 850.



Trading Strategy for Relcapital

For intraday, the crucial level is 1085. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 1000. Initiate longs if it fails to move below 1000.




Tata Power

The crucial level for the scrip in the short term is 870. The trend would remain bearish for this scrip if it sustains below 870 and in the down side, it could test 800.

If the level 870 is not violated in the short term, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 1000 initially.

Trading Strategy for Tata Power

For intraday, the crucial level is 870. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 870 is held in coming trading sessions. Short if it fails to sustain above 870 for a target of 800.




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