In the last review I said "Near term trend is positive;expect a swift up move towards next crucial level of 2.2k; stop is placed at 1740-1780". Since then the index consolidated within the range of 1850-2000, without disturbing the bullish setup. 
See the inlaid daily chart, the index has retraced the previous down move (from 2050 to 1838) of 9 days in just "three" trading sessions (today's high is 2055). This faster retracement of the previous leg indicates a much required "strength" in the bulls camp, to head higher.
On the monthly chart , as anticipated, the index has given upward break to the falling parallel channel, drawn from recent all time high(Oct07). This is an indication of change. Therefore for now, we see some support coming for the medium term. Move stop to 1840- on close basis-(from existing 1740). On the upside, as advised earlier, we maintain our near term target at 2.2/2.3k.
See the inlaid daily chart, the index has retraced the previous down move (from 2050 to 1838) of 9 days in just "three" trading sessions (today's high is 2055). This faster retracement of the previous leg indicates a much required "strength" in the bulls camp, to head higher.
On the monthly chart , as anticipated, the index has given upward break to the falling parallel channel, drawn from recent all time high(Oct07). This is an indication of change. Therefore for now, we see some support coming for the medium term. Move stop to 1840- on close basis-(from existing 1740). On the upside, as advised earlier, we maintain our near term target at 2.2/2.3k.
