NewsPatrolling.com / Newzopedia.com : “It seems that our markets are replicating last January’s performance as we can see addition of another 4% move from December (2017) close. We must accept the fact there has been no mercy for short sellers and in fact, buyers are also afraid of this ‘Fast and Furious’ move. Due to todays up move, the Nifty is now at a kissing distance from yet another huge milestone of 11000.
Today, we saw index opening with a negligible upside gap and then retraced back a bit in the initial trade. However, once again, the strong buying interest emerged tad above Friday’s low and then went on to clock yet another record high. Technically, it’s difficult to give any particular level as the market has entered an uncharted territory. Hence, the psychological level of 11000 would be seen as next junction, which is just a formality now. After this, if we have to see any particular point then we can see 11100 as a next important junction. Of late, there has been no respect to any resistance; but, since this level is projected by taking 161% price extension of the rally seen during 2008 – 10; we thought of highlighting it. On the lower side, 10881 – 10782 would be seen as key support levels.
Although, the banking index clocked 27000 today, the intraday rally was mainly propelled by four heavyweight marquee oldies, the Reliance, TCS, ONGC and L&T. Except ONGC, all other names are at record highs and have been amongst the major contributors in the success our markets have seen in last 13 months. Going ahead, we continue to remain upbeat in some of the ‘Pharmaceutical’ names like, Sun Pharma, Divis Lab and Dr Reddy and on the other hand, ‘Metal’ pack still looks vulnerable.”
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