On Friday, Nifty closed the week at a new high and closed at 9595 levels right near our predicted target. The Index hit another milestone of 9600 and settled at a new peak. The Index formed much awaited breakout given strong support to the market and suggesting market further move north side. The current rally is still intact and Bulls would continue to move higher. After the strong Bull move, the market may witness some correction. So,every corrective swing due to profit booking will be an opportunity to participate in the market. As Nifty is again in an uncharted territory, one cannot predict resistance levels. Support level has shifted higher.
On Technical Chart: The Nifty made a strong bullish candle on the daily chart indicating the market is still in the positive zone. One should also note that momentum oscillators on the longer term charts are in extremely overbought levels suggesting a corrective swing anticipated. So, cautious approach is suggested at this level.
Today: The Indian share market would open flat. We see 9520 levels as an immediate support followed by 9480-9450 levels.