If we see the state of Indian market; it has done reasonably well as compared to other global indices and till the time Nifty is able to remain above the level of 5000; one can see this rally going forward to 5150 and further it can extend till 5500 levels. Overall long term trend of Nifty is bullish. Now market is presenting the buying opportunities on dips and thus do not blindly short sell. Remember the trend reverses completely in case Nifty breaks 4749 level as in that scenario it can fall till 4350.Sensex 17000 mark is a big psychological victory and thus 21000 may not be far behind; provided this level is held. Exit all longs if 15999 level is broken in this index as thereafter it can fall till 14700 levels. Due to Sensex roar investor wealth has jumped by 116%. However a word of caution is that Indian mkts have run up showing utter disregard to global mkts and thus one has to be vigilant as divergence is occurring which is not good for the market in the short term. NIFTY, is already overbought on RSI and thus close open positions when RSI Start to fall below 70 and this is to be undertaken purely as per the guidelines being given by the Automated Nifty Trading System which helps to keep the emotions out of the market.
To sum up the state we can say that as of now Bulls have come with a vengeance against the bears and a picture speaks louder than words.
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