TECHNICAL OUTLOOK 30 OCTOBER

Nifty 3739.35

As expected, Nifty bounced, and sustained above 3700 to test 3740 level and as previously mentioned, Nifty is likely to test 3800 levels in coming trading sessions. And this view holds good as long as Nifty stays above 3700.

Today, if Nifty sustains above 3720, then it could test 3775.


BHEL 2474.55

The short term trend is looking bullish and it has potential of testing 2800 in coming trading sessions. Buy on weakness with a stop at 2400.

Long term investors can continue to hold this scrip with a stop at 2200 for good upside potential in coming months.



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DELIVERY CALLS

Mangalore chemicals 18.80

In short term, chart indicates a rally towards 25 in coming weeks. Buy on decline with a stop at 15.

Medium term Outlook of Nifty (dated 04/10/2006)

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. The correction in this type of market would be sharp and shallow and also corrections would be retraced immediately.

So, I project a target of 3800 for Nifty in coming months. This view holds good as long as Nifty stays above 3300. Also, as long as Nifty stays above 3200 level, the long term trend of the market would be bullish and it has good potential in the upside in coming years.


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TECHNICAL OUTLOOK - 26 OCTOBER

Nifty 3657.30

If Nifty sustains above 3665, it is likely to move up further and it could test 3750 initially in coming trading sessions. If it fails to sustain above 3665, then in the downside it could test 3640 and below this level it could test 3620.

And as long as Nifty stays above 3620, Nifty has possibility of boucing back to 3750 level in coming trading sessions. If it moves below 3620, then achieving the upside target would get delayed.

Today, if Nifty sustains above 3665, then it could test 3700 and above 3700 it could test 3720.




DELIVERY CALLS


NOCIL 30.75

The scrip is in long term bull trend and it has good potential in the long run.

In short term, chart indicates a rally towards 40 in coming weeks. Buy on decline with a stop at 25.




Medium term Outlook of Nifty

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. The correction in this type of market would be sharp and shallow and also corrections would be retraced immediately.

So, I project a target of 3800 for Nifty in coming months. This view holds good as long as Nifty stays above 3300. Also, as long as Nifty stays above 3200 level, the long term trend of the market would be bullish and it has good potential in the upside in coming years.