Nifty 4318.30
A short term correction is possible from 4350-4400 level in coming trading sessions. Instead, if it moves and sustains above this level, then it is likely to move towards 4600 in coming weeks.
In the extreme short term, if it sustains above 4295, then it is likely to see a sharp up move towards 4350-4400. If it fails to sustain above 4255, then it is likely to turn weak. Below 4210, Nifty could see a low below 4100.
Today, if Nifty sustains above 4295, then it is likely to test 4350. Below 4295, it could test 4270.
Medium term outlook of Nifty – dated 21st May
Nifty is likely to make a significant top around 4400 level. Further upside is possible only if Nifty sustains above this level.
Long term outlook of Nifty – dated 29 July
Nifty is in long term bull market and after some downside, it is likely to move towards 5000 by this year end.
Trading Strategy
Be short below 4255. Initiate long if it sustains above 4285 and exit your longs around 4350.
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