TECHNICAL OUTLOOK, 12 NOVEMBER

Nifty (spot) 2938.65



Nifty Intraday trading levels

Today, if Nifty trades below 2970, then it could test 2850 and below 2850, it could test 2750. Instead, if it sustains below 2970, then it could test 3050.



Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 2970. Trade short below this level and trade long above this level.

Positional traders can initiate shorts if it fails to sustain above 2970 for a target of 2500 and trade long above 2970 for a target of 3050.



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 1250 is crucial for this scrip for the short term. If it sustains above 1250, then it is likely to rally towards 1300.

Instead, if it fails to sustain above 1250 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 1215. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1250 for a target of 1300. Initiate shorts if it fails to sustain above 1250 for a target of 1000 initially.



SBI (spot)

The crucial level for the short term for this scrip is 1250. If it fails to sustain above 1250, 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 1250, then the short term trend would turn bullish and in the upper side it is likely to move towards 1300.


Trading Strategy for SBI

For Intraday, the crucial level is 1235. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1250 for a target of 1000. And initiate longs if it sustains above 1250 for a target of 1300.



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 1235. 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 1390.





RPL (spot)

The level 90 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 105.

Instead, if it fails to sustain above 90, the short term trend would turn bearish and in the downside it is likely to decline towards 60 initially.



Trading Strategy for RPL

For intraday, the crucial level is 80. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 90 for a target of 60. Initiate longs if it sustains above 90 for a target of 105.




Acc (spot)

The crucial level for the scrip in the short term is 490. The trend would remain bearish for this scrip if it sustains below 490 and in the down side, it could test 400 initially.

If the scrip sustains above 490, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 540.


Trading Strategy for Acc

For intraday, the crucial level is 490. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 490 is broken in the upside for a target of 540. Short if it fails to sustain above 490 for a target of 400.




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