The Nifty moved up firmly today, especially after mid session. It is clearly indicating that the bulls have regained the initiative and are driving the agenda
of the market. The move is very much in line with the view that we have been
holding for the last 3 weeks.
Technically, the short term indicators have turned up again assuring more positive movements. The medium term indicators had remained unaffected by the Nifty's fluctuations. These indicators have now strengthened further suggesting that this upmove is sustainable. The technical structure of the trend is suggesting a potential target of 5475. This potential remains undiminished as of now. Going by the technical features of the trend, we expect this target to be reached.
The Midcap index has lagged the large cap index today but retains its bullish trend. It continues to close above its medium term average and retains a positive short/medium term momentum. There is no reason yet to review our bullish call on the market.