18, May
Nifty 3635.10
In this type of fast retracement of expanding patterns, the top of present rally from the low of 3382 could fall short of previous high of 3777 or it could even move past the previous high, which means a minor correction can be expected at 3700 – 3777 region or around 3800.
Instead, if it retraces back from current level, the level 3560 should not be violated for Nifty to move up. If it breaches 3560 level, then it could move below further to test 3425 region.
As long as Nifty stays above 3340 level, the outlook remains positive for the Market. Below this level, the perceived technical picture has to be reworked.
The medium term technical picture suggests that Nifty could rally above 4200 region in a short span of time.
The views and targets of select scrips which were recommended for investment remains same. But if it trades below the stoploss level, cut positions below the stop and re-enter above the stoploss level, when it moves up.
Thursday, May 18, 2006
Wednesday, May 17, 2006
17, May
Nifty 3523.13
Today, If Nifty moves above 3570 region and sustains above this level, it would indicate that the bottom is formed. And further upside potential is possible.
If that is the case, then Nifty could move towards 3700 level comfortably in two or three trading sessions. And a correction can be expected around this region.
Instead, if it couldn’t manage to stay above 3570 region, and if it moves below 3480 region, then further downside towards 3400 is possible. Even in this case, Nifty could bounce back, unless 3340 is breached.
As long as Nifty stays above 3340 level, the outlook remains postive for the Market. Below this level, the perceived technical picture has to be reworked.
The medium term technical picture suggests that Nifty could rally above 4200 region in a short span of time.
The views and targets of select scrips which were recommended for investment remains same. But if it trades below the stoploss level, cut positions below the stop and re-enter above the stoploss level, when it moves up.
Nifty 3523.13
Today, If Nifty moves above 3570 region and sustains above this level, it would indicate that the bottom is formed. And further upside potential is possible.
If that is the case, then Nifty could move towards 3700 level comfortably in two or three trading sessions. And a correction can be expected around this region.
Instead, if it couldn’t manage to stay above 3570 region, and if it moves below 3480 region, then further downside towards 3400 is possible. Even in this case, Nifty could bounce back, unless 3340 is breached.
As long as Nifty stays above 3340 level, the outlook remains postive for the Market. Below this level, the perceived technical picture has to be reworked.
The medium term technical picture suggests that Nifty could rally above 4200 region in a short span of time.
The views and targets of select scrips which were recommended for investment remains same. But if it trades below the stoploss level, cut positions below the stop and re-enter above the stoploss level, when it moves up.
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