We said ‘The market unfolded as expected and has managed to stay above the crucial 5000 mark and has closed on a strong technical resistance of 5,202. Technically the trend is still intact up but the market is due for a reaction and could happen anytime.

If the uptrend continues, then the next logical target in the days to come is 5385. From trading point of view, I would trade long as long as long as 5,160 holds.

Weekly charts

The market yet gain unfolded as expected and has closed positive for the week closer to our target and registering a high of 5335.

Technically, the trend is still intact up though the market looks stretched. The logical technical target still is 5385 and beyond that to 5434. From trading point of view, I would trade long as long as long as 5,275 holds.