Since pushing above USD 50 per barrel, crude has taken a bit of a breather. Nevertheless, at least one chartist thinks oil is heading toward fresh highs.
According to Louise Yamada of LY Technical the long term trend for both the Dow and S&P 500 remains positive.
The Nifty has been very constructive and has a decent chance of retesting its all time high of 6,357, Louise Yamada, MD, Louise Yamada Technical Research Advisors said in an interview to CNBC-TV18.
Louise Yamada, the managing director of Louise Yamada Technical Research Advisors says the 5,378 level on the Nifty needs to be taken out for this rally to sustain going forward.
Investors seem to be waiting to hear what Federal Reserve chairman Ben Bernanke has to say on Friday at the Jackson Hole, Wyo Fed meeting.
CNBC-TV18's special show 'The Informed Investor' tries to simplify jargons that are often thrown. Over the last few weeks the focus has been on fundamental analysis, both for the equity market and for other asset classes. To switch gears a little bit, the focus is now on technicals.
Domestically, Louise Yamada, MD, Louise Yamada Technical Research Advisors finds that the Nifty still hasn't broken the critical support level of 5,300. "We may have seen some selling in the recent rally but get ready to see further risk in the Nifty and Sensex," she adds.
Louise Yamada, MD of Louise Yamada Technical Research Advisors in an interview on CNBC-TV18 spoke about the global setup and where she sees global markets headed.
Market sentiment has been buoyant on the back of continuous gains that the indices have been witnessing since almost the past one week. As the Nifty inches closer to the 5,800 mark, talks of a renewed uptrend too are picking up pace.
It was an extremely disappointing session on Dalal Street. Experts feel that one can use this downside and buy for a long-term horizon.
Veteran technical chartist Louise Yamada of Louise Yamada Technical Research Advisors believes Nifty can see a pullback to 5500 if it remains below 5700.