Darashaw & Co has had a very circumspect view on the market for Darashaw & Co has had a very circumspect view on the market for several months. Dr. Regan F Homavazir, CMT, associate vice president, technical research of Darashaw & Co says, the current rally has not changed that view. The long-term picture still continues to remain bearish.
According to him, the rally at best will go up to 5,400-5,500. Should the Nifty cross above 5,500 then the base has shifted higher. In the absence of that, we will continue to remain bearish and sub-15,000 levels are a possibility, he adds.
He further says, 5,200 has now become a key support for the Nifty. Should 5,200 be decisively broken, 4,700 is a very bright possibility.