TECHNICAL OUTLOOK, 18 NOVEMBER

D Sathia Moorthy


Nifty (spot) 2799.55



Nifty Intraday trading levels

Today, if Nifty trades below 2770, then it could test 2680 and below this level, it could test 2620. Instead, if it sustains above 2770, then it could test 2870.



Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 2770. Trade short below this level and trade long above this level.

Positional traders can initiate shorts if it fails to sustain above 2870 for a target of 2500 and trade long above 2870 for a target of 2950.



Short term Technical View of Nifty


The level 3050 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



Aban (spot)

The level 950 is crucial for this scrip for the short term. If it sustains above 950, then it is likely to rally towards 1100.

Instead, if it fails to sustain above 950 in coming trading sessions, then it is likely to turn weak and it could decline towards 600 initially.

Trading Strategy for Aban

For intraday, the crucial level is 860. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 950 for a target of 1100. Initiate shorts if it fails to sustain above 950 for a target of 600 initially.



L&T (spot)

The crucial level for the short term for this scrip is 830. If it fails to sustain above 830, then it is likely to turn bearish and in the down side it could test 600 in coming trading session.

Instead, if it sustains above 830, then the short term trend would turn bullish and in the upper side it is likely to move towards 900.


Trading Strategy for L&T

For Intraday, the crucial level is 775. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 830 for a target of 600. And initiate longs if it sustains above 830 for a target of 900.



TCS (spot)

The level 550 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 630.

If it fails to sustain above 550, then the trend would turn bearish and in the downside it is likely to decline towards 400 initially.


Trading Strategy for TCS

For intraday, the crucial level is 525. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 550 for a target of 400. Initiate longs if it sustains above 550 for a target of 630.





Tata Com (spot)

The level 525 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 580.

Instead, if it fails to sustain above 525, the short term trend would turn bearish and in the downside it is likely to decline towards 390 initially.



Trading Strategy for Tata com

For intraday, the crucial level is 500. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 525 for a target of 390. Initiate longs if it sustains above 525 for a target of 580.




HCL Tech (spot)

The crucial level for the scrip in the short term is 170. The trend would remain bearish for this scrip if it sustains below 170 and in the down side, it could test 100 initially.

If the scrip sustains above 170, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 210.


Trading Strategy for HCL Tech

For intraday, the crucial level is 155. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 170 is broken in the upside for a target of 210. Short if it fails to sustain above 170 for a target of 100.




Visit us at:
www.sathiamoorthy.com

Contact:
9381203517
sathiamoorthyd@gmail.com
Yahoo Messenger Id - sathiamoorthyd@yahoo.com