Nifty - In Line With The World

[insight]

The Nifty gained 49 points over the week to close at 5137. The
markets spent the whole of last week consolidating in a tight
range. The bias was clearly bullish as the indices did make
higher highs on many days and ended last Friday near the best
point of the week. Our short-term target of 5170/17300 was
almost done and we now expect the indices to take out these
levels, which are also resistance points, on a closing basis.
Technically, the trading action last week can be understood as a
period of “running correction” where the markets should have
ideally pulled back but because of the inherent strength and
demand at lower levels, supply was absorbed gradually. Most of
the technical studies are now away from the highly overbought
levels calling for a blow-off in the near term towards 5300/17800.
Trading support for the indices seen at 5090/17000. With most
world markets including the US close to their Jan ’10 highs and
with the Dollar Index now below 80, the Indian market will almost
be forced to rally in tandem. Overall, a close above resistance of
5170 leads to a move towards the Jan ’10 high.

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