The indices managed a smart rally with Nifty going past the psychological mark of 2700. Sensex, too, has managed consecutive gap up bars on daily charts and the daily momentum has triggered fresh buy readings, meaning that more is in store. The breadth has remained impressive and volumes have been brisk after the breakout on the inside bar formation on Thursday.
The hourly momentum remains strong and Nifty has broken past two inverted head & shoulders patterns. The conservative targets have been met and now expect further upsides till 2750-2770 in the coming trades. The short-term bias remains revised up with the initial target at 9100 for Sensex.
Realty stocks have had a dream run and we expect the momentum to continue in the next few sessions. DLF should target Rs165-Rs170 levels hereon. TISCO has had good reversals and should target Rs175-Rs180 levels. Reliance Industries past Rs1,300 should retest Rs1,350- Rs1,380 levels in the coming trades.