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The above chart was posted on the 20th in my last market update. Here I mentioned that the market was heading to break 5875.77, the close of the Dec '12 rally which ended on the 18th Jan '13. We have just passed this by closing the index at 5876.66. The present trend is gearing up to be a bullish rally which may go on to repeat a trend similar to the trend we saw between Dec'12 to Jan'13. This time around it could be much stronger than the previous, if the profitability, lower interest rates, and strong global economic recovery, will continue to prevail.
as the 5875.77 turns out to be the support, the next resistance appears to be 5946.65, which was the close of the 21st Oct '13. Based on the present sentiment this could be broken, in the present rally, and move towards breaking 6100. If not the trend could retrace to the present strong support area of 5840.
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