The Indian Stock market has been on a run, buoyed with confidence and strong economic sentiment. Today was a strong rally supported by commodity and metal stocks, oil stocks too have been booming for now. Dollar took a beating to Euro though a weaker Rupee seems to be a strong reason for incoming flows.
Coming to levels 5467 is a strong support on the bull run further. For today 5488 was an expected top target on the Nifty and achieved positively. If the bull run continues tomorrow or this week, 5503-5513-5531 and 5541 will be the next highs in minds. Our bulls will have to gear up, though part of it depends on the incoming news this evening from the US markets. 5455 and 5450 need to kept in mind for a further downside move.
The RSI though quotes at 86.41 indicating bears may have to come in to rationalize the pricing. The rid may start to get a bit rougher in the days ahead.
Till then happy trading ..!
Disclaimer - These views are personal and may not be considered as assured targets or levels. Do not hold me responsible for any losses. In case of profits a small thank you or appreciation would be highly appreciated.
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