Yesterday was a day full of Break outs & with a Gap up opening helped the markets to reach higher levels. Markets were witnessing profit booking pressure at 2810 - 2825 levels but a gap up open above this gave all break outs & helped markets to lead higher & higher.
In Charts Breakout 1 & Break out 2 levels are shown, if you buy on 1st break then use trail stop loss or book around resistance levels of 3030, Also we are now 400 points up from the recent low at 2525 levels and sharp pull pack has been seen.
In last few posts on this web we have talked about time analysis from 15th Feb 2009 to 15th March 2009, we talked about 2 possible scenario's & in that the 2nd scenario worked for the markets. To read more on this click on this LINK
As 15 March was Sunday markets gave 1st Break out on 13 March 2009 as seen on charts as break out 1. Since then markets rallied for about 10 - 15% in just 10 days time & few index stocks rallied for about 15 - 25 %. What else you expect in short term from MARKETS ?
Today markets above 2950 wil move into congestion level of 2950 - 2990 above this it may test levels of 3030 - 3050. We have expiry this week so profit booking at higher levels can not be ruled out.
Nifty IntraDay Levels :
Close 2940
Supports : 2925 / 2888 / 2855
Resistances : 2965 / 2990 / 3030
Regards,
Allies Financial Services
Mumbai, India
Website : http://www.AlliesFin.BlogSpot.Com/
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