TECHNICAL OUTLOOK, 11 NOVEMBER

Nifty (spot) 3148.25



Nifty Intraday trading levels

Today, if Nifty trades above 3150, then it could test 3200. Instead, if it sustains below 3150, then it could test 3050 and below 3050, it could test 2950.


Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 3050. Trade short below this level and trade long above this level.

Positional traders can initiate shorts if it fails to sustain above 3050 for a target of 2500 and trade long above 3050 for a target of 3200.



Short term Technical View of Nifty


The level 3200 is crucial in the short term. As long as it stays below this level, it is likely to decline to 2500 initially.

The present rally seems to be corrective, so, once the rally peaks out, it is likely to be followed by a fall towards 2200.



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 1280 is crucial for this scrip for the short term. If it sustains above 1280, then it is likely to rally towards 1350.

Instead, if it fails to sustain above 1280 in coming trading sessions, then it is likely to turn weak and it could decline towards 1000 initially.

Trading Strategy for Reliance

For intraday, the crucial level is 1280. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1280 for a target of 1350. Initiate shorts if it fails to sustain above 1280 for a target of 1000 initially.



SBI (spot)

The crucial level for the short term for this scrip is 1280. If it fails to sustain above 1280, then it is likely to turn bearish and in the down side it could test 1000 in coming trading session.

Instead, if it sustains above 1280, then the short term trend would turn bullish and in the upper side it is likely to move towards 1350.


Trading Strategy for SBI

For Intraday, the crucial level is 1300. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1280 for a target of 1000. And initiate longs if it sustains above 1280 for a target of 1350.



Infosys (spot)

The level 1310 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 1390.

If it fails to sustain above 1310, then the 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 1335. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 1310 for a target of 1000. Initiate longs if it sustains above 1310 for a target of 1400.





Reliance capital (spot)

The level 670 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 750.

Instead, if it fails to sustain above 670, the short term trend would turn bearish and in the downside it is likely to decline towards 570 initially.



Trading Strategy for Reliance capital

For intraday, the crucial level is 670. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 670 for a target of 570. Initiate longs if it sustains above 670 for a target of 750.




Sterlite (spot)

The crucial level for the scrip in the short term is 305. The trend would remain bearish for this scrip if it sustains below 305 and in the down side, it could test 200 initially.

If the scrip sustains above 305, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 350.


Trading Strategy for Sterlite

For intraday, the crucial level is 295. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 305 is broken in the upside for a target of 350. Short if it fails to sustain above 305 for a target of 200.




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