``It was a flat session for equity bourses after the previous rally of 100 odd points. The highlight is that since last eight trading sessions Nifty is making higher highs. Despite the flat session Nifty managed to give a close above its 200 DMA and also above its resistance line. The point that we wish to make is that the mother index (i.e. S&P 500) that ultimately drives everything is still putting up a remarkable fight. After the breakout on 14-day RSI the index is forming an inverse head and shoulders pattern. An inverse head and shoulders pattern above the support of 200 DMA will surely give bears a hell like feeling. The trigger point for S&P 500 is at 1,336, where the neckline is placed,`` said broking firm Emkay Global Financial Services.
``Again back home what we feel is that Nifty is taking a breather after a rally of more that 300 points from the low of 4,770. And plan of action should be to take a long bet, till the time 20 DMA at 4,935 is intact. Overall structure of the market is still favorable for buying. And we see the prices rising upto 5,280 in the near future. Above 5,280 the next level to watch out for is 5,378 i.e. the high of Apr.03, 2012,`` it added.
``The stock really looks lucrative from a short term perspective and we expect it to outperform in the near future. The stock has broken out of a falling channel with daily momentum in buy mode. We feel that the stock has still got the potential to amplify further from current levels. 50% and 61.8% retracement levels of the entire fall from 1,405 to 1,104 are packed at 1,291 respectively,`` it further said.