Nifty 3413.90
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions and this view holds good as long as Nifty stays above 3390. Positional traders can exit their long positions for the time being, if Nifty trades below 3390.
Today, if Nifty sustains above 3400, it could test 3440 and if it sustains above this level, then it could test 3455-3460 level.
The stop for the longs is 3390.
SHORT TERM TRADING CALLS
RELIANCE 1118.10
The short term trend is looking bullish. Fresh long positions can be initiated at current levels with a stop at 1110 for a target of 1200 in coming trading sessions. A move above 1140 would confirm the upside target.
TATA STEEL 496.25
If this scrip sustains above 490, then long positions can be initiated on price weakness with a stop at 490, for a target of 550 in coming trading sessions.
DELIVERY CALLS
Cosmo films 100.45
The scrip has potential of testing 150 in coming weeks.
Price weakness towards 90 can be used to buy with a stop at 90 for a target of 150 initially in the medium term.
GE Shipping 273.40
The scrip has potential of moving above 300 initially and above 300 it would confirm a major long term upmove.
In the short term, if it sustains above 257, then it could test 300.
For deliveries, the stop can be kept at 240.
Medium term Outlook of Nifty
On June 14, before Nifty had bottomed out, I suggested two bullish post correction scenario, in which, one being, Nifty could cross its all time high before the end of August 2006. By August end, Nifty tested a high of 3452. Now, my bullish view on Nifty continues to be same.
The pattern in Nifty suggests that it is likely to exceed its all time high of 3774 in two or three months atleast by few points before going in to corrective mode. So, I project a target of 3800 for Nifty in coming months.
Friday, September 01, 2006
Thursday, August 31, 2006
TECHNICAL OUTLOOK - 31, AUGUST
Nifty 3430.35
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions. Now the rally is likely to be broad based in Index scrips.
Today, if Nifty sustains above 3420 and moves above 3440, then initially it could test 3460-3470 and above that level, it could test 3500 level.
The stop for the longs is 3405.
SHORT TERM TRADING CALLS
GAIL 271.00
The short term trend is looking bullish. It has potential of testing 300 in coming trading sessions. Fresh long positions can be initiated on price weakness with a stop at 260.
TATA MOTORS 854.00
If this scrip sustains above 850, then long positions can be initiated around this level with a stop at 845, for a target of 900 in coming trading sessions.
For deliveries, the stop can be kept at 820.
DELIVERY CALLS
Adlabs 299.10
The trend in this scrip is looking bullish and it has potential of testing 350 in coming weeks.
In the short term, price weakness towards 250 can be used to take delivery with a stop at 250 for a target of 350 initially.
If this scrip moves above 350 and sustains above that level, then it would impart bullishness in the long term charts.
Polaris 112.05
It seems that the scrip has made a major bottom recently.
In the short term, if it sustains above 100 and moves above 125, then it has good upside potential.
Buy if it moves above 125 or buy now with a stop at 100.
Medium term Outlook of Nifty
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 3200.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
Short term trend in Nifty is looking bullish and it has potential of testing 3500 and above in coming trading sessions. Now the rally is likely to be broad based in Index scrips.
Today, if Nifty sustains above 3420 and moves above 3440, then initially it could test 3460-3470 and above that level, it could test 3500 level.
The stop for the longs is 3405.
SHORT TERM TRADING CALLS
GAIL 271.00
The short term trend is looking bullish. It has potential of testing 300 in coming trading sessions. Fresh long positions can be initiated on price weakness with a stop at 260.
TATA MOTORS 854.00
If this scrip sustains above 850, then long positions can be initiated around this level with a stop at 845, for a target of 900 in coming trading sessions.
For deliveries, the stop can be kept at 820.
DELIVERY CALLS
Adlabs 299.10
The trend in this scrip is looking bullish and it has potential of testing 350 in coming weeks.
In the short term, price weakness towards 250 can be used to take delivery with a stop at 250 for a target of 350 initially.
If this scrip moves above 350 and sustains above that level, then it would impart bullishness in the long term charts.
Polaris 112.05
It seems that the scrip has made a major bottom recently.
In the short term, if it sustains above 100 and moves above 125, then it has good upside potential.
Buy if it moves above 125 or buy now with a stop at 100.
Medium term Outlook of Nifty
For the past few weeks, I have been mentioning that the maximum possible downside potential is limited to 2500 level for Nifty. If market doesn’t violate this level here after, the long term bullish trend will remain intact. Correction extending beyond this level is highly suspectable and we have to rework the long term charts. Now, one can remain invested for the long term with a stop at 3200.
The post correction scenario has two possibilities. One possibility is, Nifty is likely to move towards its all time high in a slow manner and if this is the case, then it may take 6 months to 1 year to cross the all time high. The other view is, Nifty is likely to move towards its previous high without any major downside correction and in this case, Nifty is likely to cross the all time high before the end of August 2006. If Market moves in expected lines, then once again we are likely to see a strong bull market in coming months.
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