Resistances in the pathway...Please ignore....

Now that Nifty has crossed the zone of 4550-4600, I am eagerly waiting for my target of 5050 to be achieved. There will be all talks of Nifty falling from these levels or facing resistances at different levels, say at every 50 points upmove. Some will cite all previous peaks as resistances while some will point out different retracements....

Since the mass will try to find resistances, it may so happen that a minor intraday correction can happen to create panic among retailers, which is always possible. But one should strictly hold their longs at these levels. When all people try to find resistances, I always prefer to stay long. Also the % of deliveries taken with respect to total traded volumes in individual stocks are still on the lower side, indicating that retail and small HNI are quite reluctant to buy at these levels. This gives opportunity for smart money to flow in....

Further RIL, Bhel, SBI, Rel Comm (though bit weak) are all near their recent lows/supports, which increases their chances of going up, thereby taking Nifty/Sensex past all their immediate hurdles. Remember, the stocks mentioned above actually control the index. Also the India VIX, OBV are in clear support of the same. The current progressing 'W' wave should, in all probability, move towards 5050.