Indices

Friday, May 28, 2013

  

INDICES:
Nifty weekly 28.06.2013 (BULLS ARE BACK)

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Market managed to hold medium term support of 5600 levels on nifty & 18600 levels on sensex. It sharply revered near from these levels (near trend line support as well) on upside as expected.

Sending one interesting observation of current rally started from June-2012 to till date. At every bottom when both nifty/Sensex did engulfing bull pattern on weekly charts as per candle stick theory, market made a rally & surpassed the previous high as per chart attached.

This time also today also nifty & sensex both closed weekly in positive territory with engulfing bull pattern after fresh bottom of 5567 levels last week. So now we can expect market to surpass its recent high of 6229.45 of may-2013 & we will see target of 6280-6350 on the cards in short to medium term as per my medium term trend. This supportive analysis is giving me more confident for medium term UP Trend of market with other wave count analysis.
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