TECHNICAL OUTLOOK, 8 OCTOBER

Nifty (spot) 3606.60



Nifty Intraday trading levels

Today, if Nifty trades below 3590, then it could test 3500 and if it sustains above 3500, then it is likely to rally towards 3650. Instead, if it trades below 3500, then it could test 3400.


Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 3590. Trade short below this level and trade long above this level.

Positional traders can initiate longs if it sustains above 3500 for a target of 3800. Trade short below 3500 for a target of 3200.



Short term Technical View of Nifty

The level 3500-3550 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 3500, then a decline to 3200 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 1600 is crucial for this scrip for the short term. If it sustains above 1600, then it is likely to rally towards 1800 initially.

Instead, if it fails to sustain above 1600 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 1655. Trade long above this level and trade short below this level.

Positional traders can initiate longs if it fails to move below 1600 for a target of 1800. Initiate shorts if it fails to sustain above 1600 for a target of 1400.



Abb

The crucial level for the short term for this scrip is 750. If it sustains above 750, then it is likely to turn bullish and in the upper side it could test 860 in coming trading sessions.

Instead, if it fails to sustain above 750, then the short term trend would turn bearish and in the downside it is likely to decline towards 650.

Trading Strategy for Abb

For Intraday, the crucial level is 690. Trade long above this level and trade short below this level.

Positional traders can initiate longs if it fails to move below 650. And initiate shorts if it sustains below 750.



Acc

The level 545 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 640.

If it fails to sustain above 545, then the trend would turn bearish and in the downside it is likely to decline towards 460.


Trading Strategy for Acc

For intraday, the crucial level is 595. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to move above 600. Initiate longs if it sustains above 545 for a target of 640.





Bank of Baroda

The level 275 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 350.

Instead, if it fails to trade above 275, the short term trend would turn bearish and in the downside it is likely to decline towards 240.



Trading Strategy for Bank of Baroda

For intraday, the crucial level is 280. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 275. Initiate longs if it fails to move below 275.




Tata Motors

The crucial level for the scrip in the short term is 300. The trend would remain bearish for this scrip if it sustains below 300 and in the down side, it could test 250.

If the level 300 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 430 initially.

Trading Strategy for Tata Motors

For intraday, the crucial level is 300. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 300 is held in coming trading sessions. Short if it fails to sustain above 30 for a target of 250.




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