Nifty on a new channel

Channelled move

After 4 successive weeks of gains, the 5th week has also started off on a winning note for the Nifty. Excepting 2008, whenever the broad markets have clocked 4 successive weeks of gains, my visual analysis of Nifty and Sensex tells me that markets are embarking on a powerful rally.

At the very least one can expect Nifty to scale the upper borders of the channel shown above in the charts, currently in the region of 5600.