SENSEX NIFTY
Feb 16, 2012, 08.34 AM IST | Source: Moneycontrol.com

Finally a break out: Mohit Gaba

The Nifty has broken the 50% retracement at 5435 with force, which means it should continue its upward journey; the next logical target being 5650, says Technical Analyst, Mohit Gaba.

Technical Analyst, Mohit Gaba:

As I mentioned yesterday the Nifty is likely to break on the upside and it did exactly that today, with great force. It gaped up at open and continued to trade higher during the day, this after a seven day long trading range. I also mentioned yesterday that the Bank Nifty was leading this up move and it did exactly that too, outperforming the Nifty by 1.4%.

The Nifty has broken the 50% retracement at 5435 with force, which means it should continue its upward journey; the next logical target being 5650. Long positions should continue to be held with a stop loss at 5460, the break of which should be the first sign of weakness.

ADS BY GOOGLE

video of the day

Gung-ho over pharma; see BPCL rise 30-40% more: Dimensions

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.