Today, 5280 is the crucial intraday level for Nifty.If Nifty sustains below 5280, then it could test 5240 and below that level it could test 5160.
Instead, if Nifty trades above 5280, then it could test 5300 and above that level it could test 5320.Short term Technical View of Nifty
Nifty is likely to form a top around 5400 and a correction towards 5000 is likely. Instead, if 5400 is broken and if it sustains above that level, then it could move towards 5500 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 5400. 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.
