Will the rally continue today also? This is a tricky question to answer on any day. But given that, Asian markets are doing well and DowJones, Bovespa all rallied yesterday, it is unlikely that our rally will fizzle out today.
FIIs have bought 470 Cr in F&O and net seller of 5 Cr in cash market. Put-Call writing suggests the indecisive market. We are likely to open around 12700 and 12789(the previous high that was made on Thursday) likely to offer some kind of resistance for the day. Beyond that, 12820(the Gap) and 12835(61.8% re-tracement for the 13155-12316) likely to be the stiff resistance for the day. And above 12900, we get the "Bearish signal reversed" pattern in P&F charts. But that is a long way to go.
As far as world markets are concerned, shanghai is just 1% away from making the new high. KOSPI is at point of crossing previous high.
As far as Nifty futures are concerned, we are likely to test the 3689 levels from there on, likely to 3700-3720. With two good days of rally, don't forget to take half profits at the end of the day.
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