TECHNICAL OUTLOOK, 16 JULY

DAILY NEWSLETTER


D Sathia Moorthy


Nifty 4039.70


Short term Technical View of Nifty



Nifty has violated 3900, and it seems it is likely to test 3600, if it fails to hold above 3780.The last crucial level for the Nifty is 3600-3775. As long as Nifty stays above this level, the long term and Medium term bull trend of the market would be intact.



Extreme Short term view of Nifty

In the extreme short term, the level 3900 is crucial. The trend is likely to remain bearish as long as it stays above this level.



Nifty Intraday trading levels

Today, if Nifty trades below 3900, then it could test 3780 and below this level it could test 3700. Instead, if it trades above 3900, then it could test 3950.




Trading Strategy for Nifty

Now the crucial level is 3900. Be long above this level and be short below this level.






Medium term outlook of Nifty dated on 02 July 2008

The medium term outlook of Nifty has turned bullish and it is likely to move towards 5500 by this year end and this view holds good as long as Nifty stays above 3600.



Long term outlook of Nifty dated on 02 July 2008

The long term outlook of Nifty is looking bullish and it seems that Nifty is in the middle of this bull run. So, the bull run is likely to continue for another 4 to 5 years and this view holds good as long as Nifty stays above 3600.






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