Tuesday, July 15, 2008
TECHNICAL OUTLOOK, 15 JULY
D Sathia Moorthy
Short term Technical View of Nifty
Nifty is making an expanding pattern with higher bottoms and the last leg made a bottom of 3986. So, if that level is not violated, then short term trend would remain bullish. If it fails to hold above this region, then it has possibility of testing 3600 level.
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 4020 is crucial. The trend is likely to remain bullish as long as it stays above this level.
Nifty Intraday trading levels
Today, if Nifty trades above 4020, then it could test 4085 and above 4085, it could test 4150. Instead, if it trades below 4020, then it could test 3920.
Trading Strategy for Nifty
Now the crucial level is 4020. 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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