Nifty 3430.35
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions. Now the rally is likely to be broad based in Index scrips.
Today, if Nifty sustains above 3420 and moves above 3440, then initially it could test 3460-3470 and above that level, it could test 3500 level.
The stop for the longs is 3405.
SHORT TERM TRADING CALLS
GAIL 271.00
The short term trend is looking bullish. It has potential of testing 300 in coming trading sessions. Fresh long positions can be initiated on price weakness with a stop at 260.
TATA MOTORS 854.00
If this scrip sustains above 850, then long positions can be initiated around this level with a stop at 845, for a target of 900 in coming trading sessions.
For deliveries, the stop can be kept at 820.
DELIVERY CALLS
Adlabs 299.10
The trend in this scrip is looking bullish and it has potential of testing 350 in coming weeks.
In the short term, price weakness towards 250 can be used to take delivery with a stop at 250 for a target of 350 initially.
If this scrip moves above 350 and sustains above that level, then it would impart bullishness in the long term charts.
Polaris 112.05
It seems that the scrip has made a major bottom recently.
In the short term, if it sustains above 100 and moves above 125, then it has good upside potential.
Buy if it moves above 125 or buy now with a stop at 100.
Medium term Outlook of Nifty
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 3200.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
Thursday, August 31, 2006
Wednesday, August 30, 2006
TECHNICAL OUTLOOK - 30, AUGUST
Nifty 3425.70
Short term trend in Nifty is looking bullish and it has potential of testing 3500 in coming trading sessions.
Today, if Nifty sustains above 3405 and moves above 3430, then it could test 3460-3470 level.
The stop for the longs is 3390.
TATA STEEL 515.90
If this scrip sustains above 515, then it could move up for further higher targets. A move above 530 would confirm the upside. Stop for the longs 515.
Medium term Outlook of Nifty
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 3200.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
Short term trend in Nifty is looking bullish and it has potential of testing 3500 in coming trading sessions.
Today, if Nifty sustains above 3405 and moves above 3430, then it could test 3460-3470 level.
The stop for the longs is 3390.
TATA STEEL 515.90
If this scrip sustains above 515, then it could move up for further higher targets. A move above 530 would confirm the upside. Stop for the longs 515.
Medium term Outlook of Nifty
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 3200.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
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