It was a historic week on all accounts. At the end of the week we sit back and look at the biggest ever weekly gain for the Sensex over 1000 points, that is a 7% gain this week, and in the midst of that, Wednesday was the biggest ever for our market. We have been hitting historically high volumes as well for the middle of the settlement, Rs 100,000 crore of trade happened on Friday.
This has been an extraordinary week for the market after what the Fed did. Emerging markets across Asia have partied quite a bit, India has partied particularly hard. We are of course at new highs beyond 16,000 and the way it is going, the Sensex seems to be headed very fast and swiftly towards that 17,000 mark. A lot of midcap blowouts are happening, absolutely euphoric moves. This is true momentum. We have seen some spectacular moves; blowouts and heart of hearts feel a bit frightened to see those kinds of moves, but no denying the momentum.
Nifty has next resistance at 4860.Good Support level are 4730 and 4800. Market Will see some short of selling at this level.
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