Yesterday rally continued in the Indian markets. As we have seen a beak out pattern on Monday. As mentioned in my lst blog that Nifty will face resistance at the long term trendline. Markets opened with a positive note on back of rally in US markets. US markets surged 5%. In the opening session Indian markets also surged almost 3% but failed to shine till the end. Nifty made a high of 3017 but fell down to the negative zone to close below at 2938. Sensex surged to make a high of 9699. But luckily closed in the positive zone at 9471. Markets still looks good. As the pull down was just profit booking. Volumes in the markets were almost at 2 month high. Reliance have also given a breakout pattern in the chart, it can easily touch 1500 levels within a day or so, if the markets are good. RIL will face stiff resistance at 1505 levels. Close above the same will again give a further move 1520-1527-1550 at a higher side.WATCH OUR THE SAME. We might see some more correction, but my view still remains bullish. Nifty will again try to close above the long term trendline.
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