>Monthly Technical Perspective (EMKAY)

Nifty

Nifty gave a positive start for the April month, and continued its northbound journey. On 8th April it tested our first mentioned target of 3240 and further continued its upside journey and thereby break the 200DEMA and tested second mentioned target of 3451 and made a high of 3511 on 16th April. Thereafter on higher level some profit booking was witnessed and Nifty took support near to 3302, which is 38.20% retracement level of the recent rally from 2965 to 3511 and made a low of 3296.Again Nifty started its upside journey and on 27th April it broke its recent high of 3511 and made a new high of 3517. Finally Nifty closed at 3473 with a gain of 15.00% m-o-m basis. As nifty is continuously making higher tops and higher bottom, thus we maintain our immediate upside target of 3743 which is 61.80% retracement level of the recent fall from 4649 to 2252. On the daily chart Nifty had given Flag breakout, thus in short term Nifty can test 4273, which is the target of the flag breakout. However in the short term 3300 will play as a strong support for nifty.

Sensex

Sensex also gave a positive start for the April month, and continued its northbound journey. On 9th April it tested our first mentioned target of 10945 and further continued its upside journey and tested the 200DEMA, which was placed at 11221 and further made a high of 11367. Thereafter on higher level some profit booking was witnessed and Sensex took support near to10661, which is 38.20% retracement level of the recent rally from 9520 to 11367 and made a low of 10715.Again Sensex started its upside journey and on 27th April it broke its recent high of 11367 and made a new high of 11492. Finally Sensex closed at 11403 with a gain of 17.46% m-o-m basis. As Sensex is continuously making higher tops and higher bottom, thus we maintain our immediate upside target of 12568 which is 61.80% retracement level of the recent fall from 15579 to 7697. On the daily chart Sensex had given Flag breakout, thus in short term Sensex can test 14242, which is the target of the flag breakout. However in the short-term 10715 will play as a strong support for Sensex.

Bank Nifty

Continuing its northbound journey the Bank Nifty broke the mentioned resistance of 4602, and further continued its upside journey and made a high of 5201 on 20th April. However on higher level profit booking was witnessed and took support near to 38.20% of the recent rally from 3871 to 5201 and made a low of 4725. Again buying was witnessed and bank Nifty started its upside journey and broke the recent high of 5201 and further made a high of 5288 on 27th April.
Finally closed at 5130 with a gain of 24.12% m-o-m basis. This index is still looking strong and in the immediate term it can test 5448 and in short term it can test 6164 levels which is 38.20% retracement level of the recent fall from 10774 to 4133. However in the short-term 4725 will play as a strong support.

To see full report: MONTHLY PREVIEW