TECHNICAL OUTLOOK, 28 MAY

Nifty 4248.15

Nifty is in the process of making a significant top around 4300-4400 level. Hold your longs till this level is tested. Further up move is possible only if Nifty sustains above 4400. If it sustains above this level, then the rally is likely to continue with added momentum.

In the extreme short term, if it sustains above 4200, it is likely to test 4300.

Today, if Nifty sustains above 4240, then it is likely to test 4280. Instead, if it fails to sustain above 4240, then it is likely to decline towards 4200



Medium term outlook of Nifty

Nifty is likely to make a significant top around 4400 level. Further upside is possible only if Nifty sustains above this level.


Trading Strategy

Re enter in the long side on weakness with a stop at 4200 for targets above 4300.




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