TECHNICAL OUTLOOK, 13 FEBRUARY

D Sathia Moorthy


Nifty (spot) 2893.00



Nifty Intraday trading levels and range


Today, if it sustains below 2900, then it could test 2850 and below this level it could test 2800.

Instead, if it sustains above 2900, then it could test 2930.


Nifty intraday Trading Strategy

For intraday, the crucial level is 2910. Trade short below this level and trade long above this level.


Nifty Positional Trading Strategy


Positional traders can initiate shorts if it fails to sustain above 2950 for a target of 2500 with a stop at 2950 and trade long above 2950 for a target of 3050 with a stop at 2910.



Short term Technical View of Nifty


The short term trend is looking weak and it is likely to test 2500 initially and then it could decline towards 2000 and this view holds good as long as Nifty stays below 2950.






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



Ongc (spot)

The level 720 is crucial for short term. If it sustains above 720, then it is likely to rally towards 760.

Instead, if it fails to sustain above 720 in coming trading sessions, then it is likely to turn weak and it could decline towards 600 initially.

Trading Strategy for Ongc

For intraday, the crucial level is 700. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1400 for a target of 1450. Initiate shorts if it fails to sustain above 1400 for a target of 1180 initially.



SBI (spot)

The crucial level for the short term for this scrip is 1180. If it fails to sustain above 1180, then it is likely to turn bearish and in the down side it could test 1020 in coming trading sessions.

Instead, if it sustains above 1180, then the short term trend would turn bullish and in the upper side it is likely to move towards 1220.


Trading Strategy for SBI

For Intraday, the crucial level is 1180. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1180 for a target of 1020. And initiate longs if it sustains above 1180 for a target of 1220.



Icici Bank (spot)

The level 440 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 470.

If it fails to sustain above 440, then the trend would turn bearish and in the downside it is likely to decline towards 350 initially.


Trading Strategy for Icici Bank


For intraday, the crucial level is 428. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 440 for a target of 350. Initiate longs if it sustains above 440 for a target of 470.





Tata Steel (spot)

The level 210 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 230.

Instead, if it fails to sustain above 210, the short term trend would turn bearish and in the downside it is likely to decline towards 140 initially.



Trading Strategy for Tata Steel

For intraday, the crucial level is 185. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 210 for a target of 140. Initiate longs if it sustains above 210 for a target of 230.




Reliance Capital (spot)

The crucial level for the scrip in the short term is 440. The trend would remain bearish for this scrip if it sustains below 440 and in the down side, it could test 300 initially.

If the scrip sustains above 440, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 480.


Trading Strategy for Reliance Capital

For intraday, the crucial level is 415. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 440 is broken in the upside for a target of 480. Short if it fails to sustain above 440 for a target of 300.


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