Posted By : Kishore B.S
Hi Friends !!!!
The markets continued its uptrend set forth during Thursdays trading session and closed above the earlier resistance level of 5036 marking an change in trend, which was down from the start of May.
With the closing above the 5036 mark now the Indices are poised to further continue with their upmove, and the charts are indicating the next critical resistance zone of 5130-5140 on the Nifty Indices which if crossed could easily translate into the Target level of 5200-5240 in the days to come.
Most of the analysts and traders who had been largely bearish at the start of this month during the expiry of the May series are now biting their hands, of missing the rally from the 4800 levels, and the current rally has easily given an upward momentum of nearly 250 points on the Indices which is a drastic gains of 5% and above in the matter of ten days.
Given the momentum, the Upmove is bearing similar resemblence to the rally witnessed during the month of January when we had an amazing rally of nearly 10% in One month and similar momentum now of 5% gains which could continue further if the hurdle of 5200 is breached. For the time being we would reiterate to continue with the uptrend unless the 5000 mark is broken with targets of 5200-5240.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)