Nifty (spot) 4821.02
Nifty Intraday trading levels and range
Today, if Nifty sustains below 4980, then it could test 4920 and below that level, it could test 4840.
Instead, if Nifty trades above 4980, then it could test 5030.
Contrary to my expectation, Nifty has broken in the upside. But the break out is not confirmed in heavy weights like Reliance, Ongc, Bhel, Hind Lever, and etc. Another 10 to 15 trading sessions would decide, whether the break out is valid or not.
Nifty intraday Trading Strategy
For intraday, the crucial level is 4980. 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 4720 for a target of 3900 with a stop at 4720 and trade long above 4720 for a target of 5000 with a stop at 4720.
Short term Technical View of Nifty
Nifty is likely to test 3900 initially in the downside, if it fails to move above 4720 in coming trading sessions. And if it trades above 4720, then it could test 5000 levels.
Medium term outlook of Nifty dated on 20 May 2009
The medium term outlook of Nifty would remain bearish if it fails to sustain above 4900. 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 30 June 2009
The long term outlook of Nifty is looking bearish and it seems that Nifty is likely to bottom out in 1 year, if the bottom forms around 2000. If the level 2000 is not held, then Nifty is likely to take more than 2 years to bottom out.
Short term trading calls of Stocks for spot market
Reliance (spot)
The level 2030 is crucial for short term. If it sustains above 2030, then it is likely to rally towards 2150.
Instead, if it fails to sustain above 2030 in coming trading sessions, then it is likely to turn weak and it could decline towards 1950 initially.
Trading Strategy for Reliance
For intraday, the crucial level is 2030. Trade long above these levels and trade short below these levels.
Positional traders can initiate longs if it sustains above 2030 for a target of 2150. Initiate shorts if it fails to sustain above 2030 for a target of 1950.
SBI (spot)
The crucial level for the short term for this scrip is 2070. If it fails to sustain above 2070, then it is likely to turn bearish and in the down side it could test 1950 in coming trading sessions.
Instead, if it sustains above 2070, then the short term trend would turn bullish and in the upper side it is likely to move towards 2120.
Trading Strategy for SBI
For Intraday, the crucial level is 2070. Trade long above this level and trade short below this level.
Positional traders can initiate shorts if it fails to sustain above 2070 for a target of 1950. And initiate longs if it sustains above 2070 for a target of 2120.
Rcom (spot)
The level 320 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 340.
If it fails to sustain above 320, then the trend would turn bearish and in the downside it is likely to decline towards 250 initially.
Trading Strategy for Rcom
For intraday, the crucial level is 310. Trade long above this level and be short below this level.
Positional traders can initiate shorts if it fails to sustain above 320 for a target of 250. Initiate longs if it sustains above 320 for a target of 340.
Icici Bank (spot)
The level 885 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 925.
Instead, if it fails to sustain above 885, the short term trend would turn bearish and in the downside it is likely to decline towards 820 initially.
Trading Strategy for Icici Bank
For intraday, the crucial level is 885 . Trade long above this level and be short below this level.
Positional traders can initiate shorts if the scrip fails to sustain above 885 for a target of 820. Initiate longs if it sustains above 885 for a target of 925.
Tata Steel (spot)
The crucial level for the scrip in the short term is 525. The trend would remain bearish for this scrip if it sustains below 525 and in the down side, it could test 490 initially.
If the scrip sustains above 525, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 560.
Trading Strategy for Tata Steel
For intraday, the crucial level is 525. Trade long above this level and be short below this level.
Positional traders can initiate longs if the scrip sustains above 525 in the upside for a target of 560. Short if it fails to sustain above 525 for a target of 490.
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Nifty Intraday trading levels and range
Today, if Nifty sustains below 4980, then it could test 4920 and below that level, it could test 4840.
Instead, if Nifty trades above 4980, then it could test 5030.
Contrary to my expectation, Nifty has broken in the upside. But the break out is not confirmed in heavy weights like Reliance, Ongc, Bhel, Hind Lever, and etc. Another 10 to 15 trading sessions would decide, whether the break out is valid or not.
Nifty intraday Trading Strategy
For intraday, the crucial level is 4980. 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 4720 for a target of 3900 with a stop at 4720 and trade long above 4720 for a target of 5000 with a stop at 4720.
Short term Technical View of Nifty
Nifty is likely to test 3900 initially in the downside, if it fails to move above 4720 in coming trading sessions. And if it trades above 4720, then it could test 5000 levels.
Medium term outlook of Nifty dated on 20 May 2009
The medium term outlook of Nifty would remain bearish if it fails to sustain above 4900. 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 30 June 2009
The long term outlook of Nifty is looking bearish and it seems that Nifty is likely to bottom out in 1 year, if the bottom forms around 2000. If the level 2000 is not held, then Nifty is likely to take more than 2 years to bottom out.
Short term trading calls of Stocks for spot market
Reliance (spot)
The level 2030 is crucial for short term. If it sustains above 2030, then it is likely to rally towards 2150.
Instead, if it fails to sustain above 2030 in coming trading sessions, then it is likely to turn weak and it could decline towards 1950 initially.
Trading Strategy for Reliance
For intraday, the crucial level is 2030. Trade long above these levels and trade short below these levels.
Positional traders can initiate longs if it sustains above 2030 for a target of 2150. Initiate shorts if it fails to sustain above 2030 for a target of 1950.
SBI (spot)
The crucial level for the short term for this scrip is 2070. If it fails to sustain above 2070, then it is likely to turn bearish and in the down side it could test 1950 in coming trading sessions.
Instead, if it sustains above 2070, then the short term trend would turn bullish and in the upper side it is likely to move towards 2120.
Trading Strategy for SBI
For Intraday, the crucial level is 2070. Trade long above this level and trade short below this level.
Positional traders can initiate shorts if it fails to sustain above 2070 for a target of 1950. And initiate longs if it sustains above 2070 for a target of 2120.
Rcom (spot)
The level 320 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 340.
If it fails to sustain above 320, then the trend would turn bearish and in the downside it is likely to decline towards 250 initially.
Trading Strategy for Rcom
For intraday, the crucial level is 310. Trade long above this level and be short below this level.
Positional traders can initiate shorts if it fails to sustain above 320 for a target of 250. Initiate longs if it sustains above 320 for a target of 340.
Icici Bank (spot)
The level 885 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 925.
Instead, if it fails to sustain above 885, the short term trend would turn bearish and in the downside it is likely to decline towards 820 initially.
Trading Strategy for Icici Bank
For intraday, the crucial level is 885 . Trade long above this level and be short below this level.
Positional traders can initiate shorts if the scrip fails to sustain above 885 for a target of 820. Initiate longs if it sustains above 885 for a target of 925.
Tata Steel (spot)
The crucial level for the scrip in the short term is 525. The trend would remain bearish for this scrip if it sustains below 525 and in the down side, it could test 490 initially.
If the scrip sustains above 525, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 560.
Trading Strategy for Tata Steel
For intraday, the crucial level is 525. Trade long above this level and be short below this level.
Positional traders can initiate longs if the scrip sustains above 525 in the upside for a target of 560. Short if it fails to sustain above 525 for a target of 490.
Visit us at:
www.sathiamoorthy.com
Contact:
9381203517
sathiamoorthyd@gmail.com
Yahoo Messenger Id - sathiamoorthyd@yahoo.com
Chennai
