After the mind blowing roller-coast ride in March markets are set to take a pause this week. Being the shortest week we can see some consolidation this week with some positive bias. 10,2 Bollinger Bands in the weekly charts have the bottom line at 5165 and upper band at 5532. Market tested the bottom line successfully and rebounded from there and closed narrowly above the close of the week before to it. The middle line of the Bands is at 5349 in weekly chart and any close above this level will confirm the uptrend and market can move to the next resistance of 5532. Another major positive indicator for the market is that market tested its 200 DMA at 5156 last week and bounced back from there. It has to cross the 50 DMA at 5312 and trade above that level to remain in the bullish trend.
Traders are strictly advised to keep away from shorts. Buying on every dip keeping a target of 5532 and a stop-loss of 5220 should be the strategy for this week. The Target 5532 may come in next 7-10 trading sessions.
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