Wednesday, November 08, 2006
TECHNICAL OUTLOOK 08 NOVEMBER
Nifty is likely to test 3850 in coming trading sessions, if it stays above 3765. If it moves below 3765, then correction is likely to extend further in the downside.
Today, If Nifty sustains above 3783, then it is likely to test 3815 and above 3815 it could test 3830.
Reliance Inds 1288.00
The short term trend is looking bullish and it has potential of testing 1350 in coming trading sessions. Buy on decline with a stop at 1270.
Long term investors can continue to hold this scrip with a stop at 1150 for good upside potential in coming months.
Abbott Lab 556.30
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 650 in coming weeks. Buy on decline with a stop at 520.
Medium term Outlook of Nifty (dated 01/11/2006)
The medium term trend in Nifty is looking bullish and it has potential of testing 4200 in coming months. And this view holds good as long as Nifty stays above 3600.
As the expected correction around 3800 level, is taking place as a running sideways correction, the present technical setup of Nifty suggests that there would be no major downside in the immediate future. And also if Nifty doesn’t violate 3600 level, we are likely to see a sharp up move towards the next medium term target in coming months.
Long term Investors can remain invested for the next medium term target of 4200 in coming months
with a stop at 3600.