Today, 4940 is the crucial intraday level for Nifty.If Nifty sustains below 4940, then it could test 4900 and below that level it could test 4850.
Instead, if Nifty trades above 4940, then it could test 4980.
Short term Technical View of Nifty
For the short term, the level 5240 is crucial. If it sustains below this level, then it is likely to test 4800 initially. Instead, if it trades above 5240, then it is likely to test 5400.
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.
