Nifty Breaches 2008 High

Good Afternoon,

Our today's discussion throws a colour of ambiguity in the air. 

Finally, years of failed attempts to break out above 2007-08 highs, the Nifty finally completed a convincing move beyond its important resistance level and also with a strong weekly close. The overall structure will have intermediate term bullish implications but even with a trading point of view would have opened a likely move towards 6750. Market breadth was even in today’s session but that was still acceptable after the strong rally that the index has witnessed since the past few sessions.

With loads of $s coming in, even the Rupee looks stronger too, may be we can see sub 60 levels again in the coming weeks. Modi effect or I would say the pre election rally continue to keep the momentum strong.  Surprisingly even the US wants to have business dealings with MODI, which shows once the neglected Emerging mkt, is now in the front seat.  But, my strongest advice to the people reading the blog, trade with caution, because if on 17^th MAY’1 4, something goes wrong, such as the Congress with support or the AAP (CRASS) takes the thunder, we may end up again in STONE AGE…. 

Till then enjoy making money and craving to understand which way the markets will go on Monday Morning.

Regards

Ira Creations

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