11 April 2015


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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