Finally the Nifty has hit the 52- week high levels. As mentioned earlier also that the Nifty is facing stiff resistance the trendline. In the last week, Nifty for 4 out of 5 trading days, closed almost at the trendline and the volumes were also not impressive. But finally the Nifty has crossed the above trendline (marked in the chart) and closed above that too with good volumes. Yesterday also the markets closed marginally below the opening levels, but the bulls did not loose the hopes and once again started the day with a positive note.
Markets opened up strong and continued its northward journey helping Nifty to close at its 52-Week high levels. But Nifty continued to face resistance at 4900 levels and closed at 4892 after making a high of 4899.45 levels again. Nifty was up 83 points or 1.74%. Sensex closed at 16454 up 240 points or 1.48%. Mid cap & Small Cap index was too almost 1.5%. PSU Banks were the target for today. Mid cap continue to flare up. Rally in the Auto, Bank, Reality and Metals helped the markets to close higher.
Turnover for the markets were at around Rs90000Cr. It was pretty good as compared to the other days.
In the last 5 days Nifty took support of the 61.8% retracement levels. As mentioned earlier also that the Nifty if crosses above 4836 levels, then it will make a room till 4899 levels. Nifty has stiff resistance at the 4899 levels, but as soon as this is crossed then the Nifty will jump to 4917-4969-4982 levels. The MACD is also trying to give a buy signal. RSI have turned upside. Tomorrow the markets should open up strong. 5000 in the Nifty could be seen in this week. But stay cautious and trade.
Markets opened up strong and continued its northward journey helping Nifty to close at its 52-Week high levels. But Nifty continued to face resistance at 4900 levels and closed at 4892 after making a high of 4899.45 levels again. Nifty was up 83 points or 1.74%. Sensex closed at 16454 up 240 points or 1.48%. Mid cap & Small Cap index was too almost 1.5%. PSU Banks were the target for today. Mid cap continue to flare up. Rally in the Auto, Bank, Reality and Metals helped the markets to close higher.
Turnover for the markets were at around Rs90000Cr. It was pretty good as compared to the other days.
In the last 5 days Nifty took support of the 61.8% retracement levels. As mentioned earlier also that the Nifty if crosses above 4836 levels, then it will make a room till 4899 levels. Nifty has stiff resistance at the 4899 levels, but as soon as this is crossed then the Nifty will jump to 4917-4969-4982 levels. The MACD is also trying to give a buy signal. RSI have turned upside. Tomorrow the markets should open up strong. 5000 in the Nifty could be seen in this week. But stay cautious and trade.
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