The major technical indicator MACD on daily has reverted its direction and has given a break out pattern for Nifty. The short-term moving averages also suggesting further uptrend for Nifty. The ongoing rally can continue, and may test 3790, 3820 and 3900 levels before 16th May 2009. Better than expected quarterly results, stability in China, expectation of rapid economic prosperity in US are the key reasons for the uptrend. In the F&O segment majority of the stocks ended at higher with moderate open interest on the first day of expiry. Banking, IT, Oil, Auto sector stocks backed the trend.
In normal market condition we may see a gap up but, minor correction is sets in the first half, but recovery is expected. Nifty support at 3587, 3500 and 3432.
In normal market condition we may see a gap up but, minor correction is sets in the first half, but recovery is expected. Nifty support at 3587, 3500 and 3432.
