Markets opened up strongly and continued its upward move. Nifty continued to make its new high in the recent past. Nifty made a new high of 3303, and but closed at 3256. Sensex closed at 10534. Sensex chart shows that we might see some profit booking or some correction in the coming days. In my last blog on Tuesday i have mentioned that we might see correction , but that was failed, but major of the frontline stocks lost their lusture and were trading below their previous close. As such, current weekd has very less trading days, so buyers wont prefer taking much delivery positions. Global markets have also rallied quite a bit in the last few trading sessions. There should be some correction before the markets can make a new high. My view is still not turned -ve, but some correction and some profit booking is necessary. Nifty still has resistance levels at 3313-3330-3345. Support at 3115- 3050.
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