Indices
Thursday, July 05, 2012
INDICES (BULLISH):
It has given breakout from long consolidation range of 5080-5200 levels of last (June-2012 month) on UPside.
It has strong resistance around 5300 levels in nifty & 17463 levels in sensex in immediate short term (i.e-61.8% Retracements levels).
If its true breakout then market will surpass these levels & we are heading towards medium term targets as mentioned in market outlook, and eventually above it will surpass high of 22/02/2012 i.e-18523.78 in sensex & 5629.95 in nifty.
We can expect targets of 5873 in nifty & 19000 levels in sensex on Upside for Medium to Long term.
One should BUY at every decline with SL-16800 levels in sensex & 5100 levels in nifty for higher levels targets as mentioned above & Trail it eventually with the Trend.
Overall Long term view remained intact, as market Manage to hold above December-2011 lows of 15000 in sensex & 4500 levels in nifty.
BSE SMALL CAP & BSE MIDCAP both already given bullish breakout as per chart attached.