Bulls ride
was continued for today also. The Sensex and Nifty holding on to key levels of
31000 and 9600.. The Sensex closed at 31159 up by 50 points. It
touched intra-day high of 31220. The Nifty closed at a record closing high of
9624, up 19 points. However it closed below the day-high of 9632. Investors
cheered monsoon rains that hit Kerala, north east simultaneously, two days
before the normal onset date, boosting optimism about a rebound in the rural
economy.
We are expecting Nifty future to touch 9650 in the
extreme short term and hit 9685 in the medium term. A correction is likely
thereafter. Nifty break above 9700 then it will increase the strong bullish
pattern breakout, which will take the indices up towards 9725/9750. A
strong break (close) below 9500 will increase the downside pressure and drag it
to 9475, 9450.
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Resistance: 9650, 9675,
9700
Support: 9500,
9475, 9450
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