It was a very easy day for the bulls yesterday and right from start took complete control with a gap up and finally closed at the year high and also breaking the last resistance level of 4786 and closing near that level.
Slowly the market is in a stage where bears are completely trapped and new bulls are now waiting to enter for the fear of missing out a rally to 5K levels.
Still calls are being sold cheap and the (Put Call Ratio) PCR is ruling at 1.2, Puts are costlier and also there are 20% more puts in the system. So it looks very remote that this market will crash in September. Since calls are being sold cheap even after the breakout, there is still huge potential to make new highs and that is when momentum will also kick in and send the market higher.
The key targets now are 4865, 4930 and the first one is likely to be reached in another two or three sessions. Further view is not very clear at this point and we will have to wait for the markets to make the next moves.
Resistance levels : 4807, 4834, 4865
Support levels : 4765, 4735, 4718
-
Happy Tradingwww.tripleint.com
No comments:
Post a Comment