Will Sensex hit record highs soon Although the
Indian markets might just be a little over 1100 points away from the previous
record high of 30024.74, recorded last month. The Indian markets
hit a roadblock after a strong 18-month rally in March, largely on growing
concerns related to a slower-than-expected revival in corporate earnings and
rising global uncertainty, which have resulted in the benchmark indices losing
close to 5 per cent last month. The market has
seen consolidation on Friday after rising for last five consecutive sessions on
short covering. The Sensex fell 5.83 points to 28879.38 and the Nifty gained
2.05 points at 8780.35. The long term possibility of the Indian equity markets suggests
continuation of the Indian Growth story in the coming years. This Nifty weekly
Log chart shows a pronounced uptrend within the blue channel trendlines. Nifty continues to rally from here and rallies beyond
8800, and in doing so, breaks above the trend line from the top of 8836 level then,
and only then we could rule out this extreme view and start considering a very aggressively
bullish stance on Nifty and that would have its targets at 9000+ on Nifty. Technically
Nifty future is looking bullish on long term weekly charts, it may trade in
range of 9100 and 8800 in near term while with the breaks of its support mark
of 8836. Nifty may make fresh highs above 9,120 this year again. The Nifty rose
2.1 per cent, its best since the week ended on April 10.
WEEKLY RESISTANCE: 8885, 8959, 9172
WEEKLY SUPPORT: 8672, 8533, 8320
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