LAST DAY SNAP SHOT:-
The markets made a smart recovery in the afternoon to close with moderate gains and barring consumer durables, banking and power, all sectoral indices closed positive. Oil & gas, realty and metal were the biggest gainers in today's session and IT and healthcare, too, gained significantly. The Sensex closed at 17236, up 92 points from its previous close, and the Nifty shut shop at 5229, up 29 points. The CNX Midcap index was up 0.4% while the BSE Small cap index gained 0.1% in today's trade. The market breadth was positive with advances at 741 against declines of 657 on the NSE.
CURRENT TECHNICAL CONDITION:-
The markets made a smart recovery in the afternoon to close with moderate gains and barring consumer durables, banking and power, all sectoral indices closed positive. Oil & gas, realty and metal were the biggest gainers in today's session and IT and healthcare, too, gained significantly. The Sensex closed at 17236, up 92 points from its previous close, and the Nifty shut shop at 5229, up 29 points. The CNX Midcap index was up 0.4% while the BSE Small cap index gained 0.1% in today's trade. The market breadth was positive with advances at 741 against declines of 657 on the NSE.
CURRENT TECHNICAL CONDITION:-
As per Nifty EOD charts slow stochastic and RSI is rising up side giving indication for uptrend. Market took 14 days to fall from 5336 to 5030 but it recovered upto 5245 in just three trading session indicating aggressiveness towards upside.
Nifty 5200 put added 807,300 shares in open interest today and nifty 5200 put added 1,031.550 shares yesterday, more than 18 lac shares added in two days indicating that bull will try to save this level for coming session.
As I have written yesterday that bull will try to save 5217 level and I have told you that great rally is awaiting for indian market. Market closed at 5229 and now market has come in buy on every dips situation. Every 50-100 points correction should be buy till 5100 level.
5250-5260 will act as a minor resistance now after that 5300 level will act as seven month trend line resistance. Any two consecutive close above 5300 nifty will fly to 5445 level very soon.
Fii bought index future worth rs 187 cr and open interest increased by 0.7% indicating that fresh long has been entered into the system today.
Conclusion> Market is going towards 5500-5600 very soon. My expectation of 6000 level is still safe with confidence. We may see this level in next two or three months.
As I have written yesterday that bull will try to save 5217 level and I have told you that great rally is awaiting for indian market. Market closed at 5229 and now market has come in buy on every dips situation. Every 50-100 points correction should be buy till 5100 level.
5250-5260 will act as a minor resistance now after that 5300 level will act as seven month trend line resistance. Any two consecutive close above 5300 nifty will fly to 5445 level very soon.
Fii bought index future worth rs 187 cr and open interest increased by 0.7% indicating that fresh long has been entered into the system today.
Conclusion> Market is going towards 5500-5600 very soon. My expectation of 6000 level is still safe with confidence. We may see this level in next two or three months.
