Nifty closed in green at 5278 bagging splendid gains of 130 points on the cards.The overall market breadth stood undoubtedly in the favor of the bulls with 1098 advances to 408 declines.Markets gave a blast at the opening day of the July series,fueling the bulls for the impending rally.The markets bursts following global cues,also the rallying commodity joined the bulls party.
The markets have now raise the expectation of the participants and will now be headed towards 5400.Well once at 5400 rally is expected to halt following some consolidation sessions,well if the global remains in a green plush well there's more probability of markets breaching 5400 and approaching 5630 with vigor and valor.
Technically all indicators are positively biased.The MACD is trading above the zero line with positive crossover.The RSI has hooked upwards and firmly approaching the overbought levels ,this could also be viewed as the reflection of bullish strength..We have seen a great start ,at the beginning of the series ,hope we may inch higher and higher in the following sessions to come.
Traders having long positions are suggested to hold their positions with a target of 5400,where upon further analysis of the situation will lead to conclusive recommendation
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