Congratulations from powerfulpicks! Our markets reached a landmark today and somewhere, in its achievement, you too had a small contribution. So feel happy and proud.
On Sep 15th, I had written: "In the medium term, NIFTY should move to 6020 and SENSEX to 20060". This was achieved today at 9:15 am and NIFTY touched a high of 6030, which is quite a landmark achievement. However, weakness followed immediately as traders became cautious. In the next 1 hour and 15 minutes, NIFTY plunged on profit booking to 5965.
This is quite natural. Suppose we are climbing a mountain range. After climbing a particularly difficult peak and reaching the top, we do take rest before continuing to climb higher in the range.
Current Outlook: NIFTY can easily move to 6250 shortly (SENSEX: 20830) and this is likely to happen triggered by Q2 results that are coming up from next month.The market is a bit stretched, but I do not think it's mood will turn sour so soon. So with some corrections on its way and with a few days of sideways movement, it should gradually march towards the levels that I indicate above, unless a highly negative global or internal event triggers off and in that case NIFTY can retrace back to 5650-5700 range.
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