Nifty continues with the momentum upwards closing with 29 point gains at 5229.Today since markets were waiting for the RBI policy,markets were subdued in morning session,The time RBI raised the curtains markets tumbled to days low,nifty went to 5150 and bounced from there taking support at these levels.The participants had already factored the policy outcome ,hence when the news flashes it was responded with a mild cut.Today the broader market stood in the favor of the bulls with 787 advances to 655 declines.
Today Nifty rose above 5200 and managed to post a close above it.Now considering the current momentum,nifty can trade to higher levels till 5300,where it can encounter a resistance of a downtrend-line.Since this rally is not fueled by strong fundamentals ,i feel that markets may find difficult to violate the trend-line,and might reverse from there .If nifty surpasses this resistance then the short term trend turns positive and bullish alternatives will open up and 5400 levels could be approached..
The hourly momentum has also turned positive.The nifty is now trading above the short term averages supporting the prevailing sentiment.Till then long positions can be hold on.
Today Nifty rose above 5200 and managed to post a close above it.Now considering the current momentum,nifty can trade to higher levels till 5300,where it can encounter a resistance of a downtrend-line.Since this rally is not fueled by strong fundamentals ,i feel that markets may find difficult to violate the trend-line,and might reverse from there .If nifty surpasses this resistance then the short term trend turns positive and bullish alternatives will open up and 5400 levels could be approached..
The hourly momentum has also turned positive.The nifty is now trading above the short term averages supporting the prevailing sentiment.Till then long positions can be hold on.
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