The upside breakout from the 27000-28000 band was expected last week.
While that it not happen, we went thru a cycle of extreme despair and hope last week as the Sensex oscillated from 28071 to 27354 to finally close at 28828.With the signs of the revival in the economy becoming more clearly audible, the case for a breakout of trading range is far more pronounced.
One can initiate aggressive longs with a trailing stop-loss at 27592 for ST targets of 28050 and 28128.
|Sensex Previous Close||27,828.44|
|Medium Term Fair Value (6-12 months)||28,276|