Wednesday, September 22, 2010

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Sensex Crossed 20K Again! Nifty Crossed 6K

Indian benchmark Index Sensex (BSE) crossed the good old mark 20K. This is second time and being a large number of points it is an important mark.
Today's Sensex chart (long term with 200DMA, 50DMA & 20 DMAs)
sensex crossed 20000 points again 2010
NIFTY (NSE Index) too is on a good course and crossed its 6K mark.
Today's Nifty chart (long term with 200DMA, 50DMA & 20 DMAs)
Nifty crossed 6000 points again
As the charts show the market is clearly in a good uptrend. The indices are above all the three moving averages. With respect to 20 day moving average it is clear that the indices made the decisive move upwards. There will be resistance expected upwards. That's what the experts will say. But its the momentum that keeps them going.

When the markets have just broke out we should not doubt the strength. However this move lacked market breadth. That means it is the usual FIIs that are fuelling this move. There is nothing new in that. It might just happen that the indices gain broader market support with time. That is the kind of time when traders who follow new high stocks make good money.

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