Currently poised at 675.98 (having started of with 1000 on 1st April 2008), as the election results are a strong sentimental positive for the Indian markets, I expect the STIXi to open today much above its 200Day EMA (687.93) and reach 712.22-716.34 levels (50% retracement of fall from Aug08 high on weekly / daily basis) by end-of-day.
The upmove in the near-term may be capped at 769.69, which is the 61.8% retracement on the weekly charts of STIXi for the fall from closing high of 955.55 achieved in the week ending 8th Aug 2008 to the closing low of 468.68 achived in week ending 6th March 2009.
More later.
Cheers and Safe Trading
