Intraday and short term outlook - 15 Oct

Nifty (spot) 3518.65



Nifty Intraday trading levels

Today, if Nifty trades below 3480, then it could test 3400 and below 3400, it could test 3300. Instead, if it fails to trade below 3480, then it could test 3570.


Nifty Trading Strategy for intraday and positional trading

For intraday, the crucial level is 3480. Trade short below this level and trade long above this level.

Positional traders can initiate shorts if it fails to sustain above 3480 for a target of 3200. Trade long above 3580 for a target of 3700.



Short term Technical View of Nifty


The level 3800 is crucial in the short term. If it fails to sustain above 3800, then a decline to 3000 levels is likely.

Instead, if Nifty moves above 3800, then it is likely to rally from these levels to 4200 initially.


Medium term outlook of Nifty dated on 14 October 2008

The medium term outlook of Nifty would remain bearish if it fails to sustain above 3800. Nifty is likely to bottom out in the medium term at 2550 levels or 2200 levels in coming months.





Long term outlook of Nifty dated on 13 October 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 2200.







Short term trading calls of Stocks for spot market



Reliance

The level 1660 is crucial for this scrip for the short term. If it sustains above 1660, then it is likely to rally towards 1750 initially.

Instead, if it fails to sustain above 1660 in coming trading sessions, then it is likely to turn bearish and it could decline towards 1400 and below 1400, it has potential of declining towards 1200.

Trading Strategy for Reliance

For intraday, the crucial level is 1600. Trade long above these levels and trade short below these levels.

Positional traders can initiate longs if it moves above 1660 for a target of 1750. Initiate shorts if it fails to sustain above 1660 for a target of 1400 initially and then 1200.



SBI

The crucial levels for the short term for this scrip are 1570 and 1400. If it fails to sustain above 1570, then it is likely to turn bearish and in the down side it could test 1400 in coming trading sessions and below this level it could test 1200.

Instead, if it sustains above 1570, then the short term trend would turn bullish and in the upper side it is likely to move towards 1800.

Trading Strategy for SBI

For Intraday, the crucial level is 1525. Trade long above this level and trade short below this level.

Positional traders can initiate shorts if it fails to move above 1570 for a target of 1400. And initiate longs if it sustains above 1570.



Acc

The level 570 is crucial in the short term. If the scrip trades above this level, the short term would turn bullish and in the upper side it could test 650.

If it fails to sustain above 570, then the trend would turn bearish and in the downside it is likely to decline towards 450 initially.


Trading Strategy for Acc

For intraday, the crucial level is 545. Trade long above this level and be short below this level.

Positional traders can initiate shorts if it fails to move above 570 for a target of 450. Initiate longs if it sustains above 570 for a target of 650.





Infosys

The level 1390 is crucial for this scrip in the short term. If it sustains above this level, then it is likely to see a rally from these levels towards 1600.

Instead, if it fails to sustain above 1390, the short term trend would turn bearish and in the downside it is likely to decline towards 1000 and a move below 1200 would confirm it.



Trading Strategy for Infosys

For intraday, the crucial level is 1410. Trade long above this level and be short below this level.

Positional traders can initiate shorts if the scrip fails to sustain above 1390 for a target of 1000. Initiate longs if it moves above 1390 for a target of 1600.




RPL

The crucial level for the scrip in the short term is 127. The trend would remain bearish for this scrip if it sustains below 127 and in the down side, it could test 100.

If the scrip moves above 127 in the short term, then the scrip is likely to turn bullish in the short term and in the upper side it could rally towards 140 initially.

Trading Strategy for RPL

For intraday, the crucial level is 123. Trade long above this level and be short below this level.

Positional traders can initiate longs if the level 127 is violated in the upside. Short if it fails to sustain above 127 for a target of 100.