It is going to be one more day of distributing sweets, for the Trend following traders on the markets today. NIFTY is likely to take off next resistance of 5290 as a smooth sail. The force with which NIFTY is forging ahead, there seems to be a possibility of a new high on the index shortly.
Once 5290 is taken, the next strong resistance and congestion zone lies at 5325-5235 levels and the next is the recent top. NIFTY has taken 5 trading sessions to cover a distance of 250+ points, the uphill ride always takes time, but this seems to have been made soon.
MACD lines have made a multi month high, and is increasing with every incoming hour, this shows that there is going to be some stunning performance of the NIFTY on the cards. And it will be a shower hot money on the way to the hill top. Trader friends enjoy the ride and along the relish some goodies too. 'When it pour it pours cats and dogs', catch as much as you can.
It is going to be a broad based rally on the markets, BASIC MATERIALS, INDUSTRIAL and ENERGY to take lead closely followed by the TECHNOLOGY stocks which are running hot for the past few sessions.
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