BSE SENSEX (14625)
As is apparent on the chart, this index stands apart among its global peers. The euphoria after decisive election results is not dying down and more and more is being expected from the new government. Its a feeling just like coming out of some illegal confinement over the last many decades.
It is quite likely that this market would stay buoyant at higher levels in the range of 13000-15000 and even 16000 until the Union budget; expected sometime around the first week of July. The forthcoming budget would be the trend decider for the remaining 2009.
A close below 12500 is needed to signal a short term correction. Otherwise, the 50DMA around 11350 would be a rock solid support unless something disastrous happens.
