TECHNICAL OUTLOOK, 31 MARCH

March 31, 2009


Nifty (spot) 2978.15



Nifty Intraday trading levels and range

Today, if Nifty trades above 3010 then it could test 3050.

Instead, if it sustains below 3010, then it could test 2900.



Nifty intraday Trading Strategy

For intraday, the crucial level is 3010. Trade short below this level and trade long above this level.


Nifty Positional Trading Strategy


Positional traders can initiate shorts if it fails to sustain above 3150 for a target of 2500 with a stop at 3150 and trade long above 3150 for a target of 3250 with a stop at 3150.



Short term Technical View of Nifty


The short term trend is looking weak and it is likely to test 2500 initially and then it could decline towards 2000 and this view holds good as long as Nifty stays below 3150.

Since the present rally seems to be corrective, it is likely to top out below 3150 or below 3250 and it is likely to break 2500 in the downside in coming weeks






Medium term outlook of Nifty dated on 14 October 2008

The medium term outlook of Nifty would remain bearish if it fails to sustain above 3100. 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 13 October 2008

The long term outlook of Nifty is looking bearish and it seems that Nifty is likely to bottom out in 6 months to 1 year if the bottom forms around 2000. If the level 2000 is not held, then Nifty is likely to take more than 1 year to bottom out.





Short term trading calls of Stocks for spot market



Reliance (spot)

The level 1560 is crucial for short term. If it sustains above 1560, then it is likely to rally towards 1600.

Instead, if it fails to sustain above 1560 in coming trading sessions, then it is likely to turn weak and it could decline towards 1200 initially.

Trading Strategy for Reliance

For intraday, the crucial level is 1540. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1500 for a target of 1600. Initiate shorts if it fails to sustain above 1500 for a target of 1200.



SBI (spot)

The crucial level for the short term for this scrip is 1070. If it fails to sustain above 1070, then it is likely to turn bearish and in the down side it could test 850 in coming trading sessions.

Instead, if it sustains above 1070, then the short term trend would turn bullish and in the upper side it is likely to move towards 1120.


Trading Strategy for SBI

For Intraday, the crucial level is 1040. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1070 for a target of 850. And initiate longs if it sustains above 1070 for a target of 1120.



Infosys (spot)

The level 1300 is crucial in the short term. If the scrip trades above this level, the short term would turn bullish and in the upper side it could test 1360.

If it fails to sustain above 1300, then the trend would turn bearish and in the downside it is likely to decline towards 1100 initially.


Trading Strategy for Infosys


For intraday, the crucial level is 1300. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 1300 for a target of 1000. Initiate longs if it sustains above 1300 for a target of 1360.





Icici Bank (spot)

The level 365 is crucial for this scrip in the short term. If it sustains above this level, then it is likely to see a rally from these levels towards 390.

Instead, if it fails to sustain above 365, the short term trend would turn bearish and in the downside it is likely to decline towards 250 initially.



Trading Strategy for Icici Bank

For intraday, the crucial level is 355. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 365 for a target of 250. Initiate longs if it sustains above 365 for a target of 390.




Ongc (spot)

The crucial level for the scrip in the short term is 790. The trend would remain bearish for this scrip if it sustains below 790 and in the down side, it could test 700 initially.

If the scrip sustains above 790, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 830.


Trading Strategy for Ongc

For intraday, the crucial level is 790. Trade long above this level and be short below this level.

Positional traders can initiate longs if the scrip sustains 790 in the upside for a target of 830. Short if it fails to sustain above 790 for a target of 700.


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TECHNICAL OUTLOOK, 30 MARCH

Nifty (spot) 3108.65



Nifty Intraday trading levels and range

Today, if Nifty trades below 3100 then it could test 3050 and below this level it could test 3010.

Instead, if it sustains above 3100, then it could test 3150.



Nifty intraday Trading Strategy

For intraday, the crucial level is 3050. Trade short below this level and trade long above this level.


Nifty Positional Trading Strategy


Positional traders can initiate shorts if it fails to sustain above 3150 for a target of 2500 with a stop at 3150 and trade long above 3150 for a target of 3250 with a stop at 3150.



Short term Technical View of Nifty


The short term trend is looking weak and it is likely to test 2500 initially and then it could decline towards 2000 and this view holds good as long as Nifty stays below 3150.

Since the present rally seems to be corrective, it is likely to top out below 3150 or below 3250 and it is likely to break 2500 in the downside in coming weeks






Medium term outlook of Nifty dated on 14 October 2008

The medium term outlook of Nifty would remain bearish if it fails to sustain above 3100. 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 13 October 2008

The long term outlook of Nifty is looking bearish and it seems that Nifty is likely to bottom out in 6 months to 1 year if the bottom forms around 2000. If the level 2000 is not held, then Nifty is likely to take more than 1 year to bottom out.





Short term trading calls of Stocks for spot market



Reliance (spot)

The level 1500 is crucial for short term. If it sustains above 1500, then it is likely to rally towards 1600.

Instead, if it fails to sustain above 1500 in coming trading sessions, then it is likely to turn weak and it could decline towards 1200 initially.

Trading Strategy for Reliance

For intraday, the crucial level is 1540. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1500 for a target of 1600. Initiate shorts if it fails to sustain above 1500 for a target of 1200.



SBI (spot)

The crucial level for the short term for this scrip is 1150. If it fails to sustain above 1150, then it is likely to turn bearish and in the down side it could test 950 in coming trading sessions.

Instead, if it sustains above 1150, then the short term trend would turn bullish and in the upper side it is likely to move towards 1200.


Trading Strategy for SBI

For Intraday, the crucial level is 1150. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to sustain above 1150 for a target of 950. And initiate longs if it sustains above 1150 for a target of 1200.



Infosys (spot)

The level 1300 is crucial in the short term. If the scrip trades above this level, the short term would turn bullish and in the upper side it could test 1360.

If it fails to sustain above 1300, then the trend would turn bearish and in the downside it is likely to decline towards 1100 initially.


Trading Strategy for Infosys


For intraday, the crucial level is 1340. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to sustain above 1300 for a target of 1000. Initiate longs if it sustains above 1300 for a target of 1360.





Icici Bank (spot)

The level 365 is crucial for this scrip in the short term. If it sustains above this level, then it is likely to see a rally from these levels towards 390.

Instead, if it fails to sustain above 365, the short term trend would turn bearish and in the downside it is likely to decline towards 250 initially.



Trading Strategy for Icici Bank

For intraday, the crucial level is 390. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 365 for a target of 250. Initiate longs if it sustains above 365 for a target of 390.




Ongc (spot)

The crucial level for the scrip in the short term is 790. The trend would remain bearish for this scrip if it sustains below 790 and in the down side, it could test 700 initially.

If the scrip sustains above 790, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 830.


Trading Strategy for Ongc

For intraday, the crucial level is 790. Trade long above this level and be short below this level.

Positional traders can initiate longs if the scrip sustains 790 in the upside for a target of 830. Short if it fails to sustain above 790 for a target of 700.


Visit us at:
www.sathiamoorthy.com

Contact:
9381203517
sathiamoorthyd@gmail.com
Yahoo Messenger Id - sathiamoorthyd@yahoo.com
Chennai