lystn

Last week, the market registered a new high of 12,769.75 which was followed by some consolidation ahead of the Muhurat trading session. Eventually, the market concluded above the 12,700-mark by adding nearly four percent on a weekly basis. In the next-to-last week, we had witnessed a ‘Bullish Flag’ breakout around 12,050 and since then, the market never looked back. With its marathon rally in merely eight days, markets are very much in a commanding position. From hereon, we can see a brighter picture till the next Samvat. Looking at the daily chart, we can observe a couple of encouraging developments on charts. The ‘RSI-Smoothened’ is moving northwards after entering the bullish territory above 70 and adding to this, the ‘ADX (14)’ is becoming stronger as we can see its value rising well above the 25-mark. Generally, when we see these conditions together, it provides impetus to the rally.