A breach of the same might bring in further uncertainty in the markets
A weekly close below the same might reinforce the bears to drag the index much lower
17,300 is the previous swing low and also the placement of the rising parabolic trend line on the daily chart.
Nifty Bank not only outperformed the benchmarks, but also managed to clear the hurdle of 39,000.
Thus going ahead, despite the strength in the broader markets the benchmark index would have to push harder to clear the hurdle of 18,000 -18,200.
Sensex could slow down from here on or even correct a bit. Thus one needs to remain extremely cautious.
The lower end of the rising channel acted as support for the Nifty. Now, the index is very much close to the milestone of 18,000.
The Nifty Private Bank index and Nifty PSU Bank index surged by around 5% last week.
The overall trend is still strong and a breakout above 17,500 would reinforce the bulls to start an afresh rally towards 17800.
The strong fundamentals, quarterly earnings, and mostly because of the liquidity the bulls have taken over the equity market.
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