Today, 5230 is the crucial intraday level for Nifty.If Nifty sustains below 5230, then it could test 5160 and below that level it could test 5085.
Instead, if Nifty trades above 5230, then it could test 5270.
Nifty is likely to form a top around 5180 and a correction towards 4500 is likely. Instead, if 5180 is broken and if it sustains above that level, then it could move towards 5300 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 5200. 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 3 years.
