DAILY NEWSLETTER
Nifty, Icici Bank, Dlf, Relinfra, Rnrl, L&t
D Sathia Moorthy
Nifty (spot) 4504.00
Short term Technical View of Nifty
Now, Nifty is likely to rally towards 4700 by this month end and the next short term correction is likely to occur around 4700 level. This view holds good as long as Nifty stays above 4400.
Instead, if it fails to hold above 4400 level, then it could decline towards 4200.
Extreme Short term technical view of Nifty
In the extreme short term, the level 4400 is crucial. A long as Nifty sustains above this level, the trend would remain bullish.
Nifty Intraday trading levels
Today, if Nifty trades below 4530, then it could test 4450. Instead, if it sustains above 4530, then it could test 4590.
Trading Strategy for Nifty
For intraday, the crucial level is 4440. Trade long above this level and be short below this level.
Positional traders can initiate longs on declines with a stop at 4400 for a target of 4700.
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 bullrun is likely to continue for another 4 to 5 years and this view holds good as long as Nifty stays above 3600.
Short term trading calls of Stocks
ICICI Bank
The short term trend of this scrip is looking bullish and it is likely to test 800 in the short term and this view holds good as long as it sustains above 680.
On contrary, if it trades below 680, the short term trend would turn bearish and in the downside it is likely to decline towards 600.
Trading Strategy for ICICI Bank
For intraday, the crucial level is 690. Trade long above this level and be short below this level.
Positional traders can initiate longs on declines with a stop at 680.
DLF
The short term trend of this scrip is looking bullish and it is likely to test 630 in the short term and this view holds good as long as it sustains above 500.
On contrary, if it moves below 500, then the short term trend would turn bearish and in the downside it is likely to decline towards 450.
Trading Strategy for DLF
The crucial level is 500 in the short term. Trade long above this level and be short below this level.
L&T
The short term trend of this scrip is looking bullish and it is likely to test 3000 in the short term and this view holds good as long as it sustains above 2600.
On contrary, if it trades below 2600, the short term trend would turn bearish and in the downside it is likely to decline towards 2450.
Trading Strategy for L&T
For intraday, the crucial level is 2640. Trade long above this level and be short below this level.
Positional traders can initiate longs on declines with a stop at 2600.
RNRL
The short term trend of this scrip is looking bullish and it is likely to test 120 in the short term and this view holds good as long as it sustains above 90.
On contrary, if it trades below 90, the short term trend would turn bearish and in the downside it is likely to decline towards 80.
Trading Strategy for RNRL
For intraday, the crucial level is 94. Trade long above this level and be short below this level.
Positional traders can initiate longs on declines with a stop at 90.
Relinfra
The short term trend of this scrip is looking bullish and it is likely to test 1150 in the short term and this view holds good as long as it sustains above 1000.
On contrary, if it trades below 1000, the short term trend would turn bearish and in the downside it is likely to decline towards 900.
Trading Strategy for Relinfra
For intraday, the crucial level is 1020. Trade long above this level and be short below this level.
Positional traders can initiate longs on declines with a stop at 1000.
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