D Sathia Moorthy
April 28, 2009
Nifty (spot) 3470.75
Nifty Intraday trading levels and range
Today, if Nifty trades below 3440 then it could test 3380.
Instead, if it sustains above 3440, then it could test 3500.
Nifty intraday Trading Strategy
For intraday, the crucial level is 3440. 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 3450 for a target of 2900 with a stop at 3450 and trade long above 3450 for a target of 3550 with a stop at 3450.
Short term Technical View of Nifty
The rally from the low of 2545 seems to corrective and it is likely to top out below 3600 and in the downside it is likely to test 2900 initially in coming trading sessions.
The maximum Nifty could go in the upside for the short term is 3600.
Medium term outlook of Nifty dated on 17 April 2009
The medium term outlook of Nifty would remain bearish if it fails to sustain above 3600. 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 1760 is crucial for short term. If it sustains above 1760, then it is likely to rally towards 1850.
Instead, if it fails to sustain above 1760 in coming trading sessions, then it is likely to turn weak and it could decline towards 1500 initially.
Trading Strategy for Reliance
For intraday, the crucial level is 1760. Trade long above these levels and trade short below these levels.
Positional traders can initiate longs if it moves above 1760 for a target of 1850. Initiate shorts if it fails to sustain above 1760 for a target of 1500.
SBI (spot)
The crucial level for the short term for this scrip is 1320. If it fails to sustain above 1320, then it is likely to turn bearish and in the down side it could test 1100 in coming trading sessions.
Instead, if it sustains above 1320, then the short term trend would turn bullish and in the upper side it is likely to move towards 1360.
Trading Strategy for SBI
For Intraday, the crucial level is 1320. Trade long above this level and trade short below this level.
Positional traders can initiate shorts if it fails to sustain above 1320 for a target of 1100. And initiate longs if it sustains above 1320 for a target of 1360.
Ongc (spot)
The level 890 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 930.
If it fails to sustain above 890, then the trend would turn bearish and in the downside it is likely to decline towards 800 initially.
Trading Strategy for Ongc
For intraday, the crucial level is 860. Trade long above this level and be short below this level.
Positional traders can initiate shorts if it fails to sustain above 890 for a target of 800. Initiate longs if it sustains above 890 for a target of 930.
Icici Bank (spot)
The level 475 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 500.
Instead, if it fails to sustain above 475, the short term trend would turn bearish and in the downside it is likely to decline towards 380 initially.
Trading Strategy for Icici Bank
For intraday, the crucial level is 475. Trade long above this level and be short below this level.
Positional traders can initiate shorts if the scrip fails to sustain above 475 for a target of 380. Initiate longs if it sustains above 475 for a target of 500.
Infosys (spot)
The crucial level for the scrip in the short term is 1450. The trend would remain bearish for this scrip if it sustains below 1450 and in the down side, it could test 1300 initially.
If the scrip sustains above 1450, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 1500.
Trading Strategy for Infosys
For intraday, the crucial level is 1450. Trade long above this level and be short below this level.
Positional traders can initiate longs if the scrip sustains above 1450 in the upside for a target of 1500. Short if it fails to sustain above 1450 for a target of 1300.
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