Monday, November 16, 2009

Current Nifty rally seen upto 5181: Emkay

MUMBAI: Emkay Financial Global Services is of the view that the extensions in the current rally will be seen, up to the level of 5181.

“The market has been in a strong uptrend since the beginning of the month and has already run up 500 odd points from the lower Bollinger band. The index has managed to cross past the key resistance of 5025, which indicates that the extensions in the current rally will be seen, up to the level of 5181.

Moreover, the daily MACD, which is above the neutral line, also exhibits the picture of continuation in the daily trend. On downside the 20-daily simple moving average (4950) is still crucial for the bulls for the reason that if that gets violated then bulls will come into trouble,” the report said.

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