Markets world over have broken out on the upside, and looks good to rally further up from here. Nifty is already in the bullish zone for some time, whereas the big global indices seems to have joined the party now.
S&P broke above its 50% retracement level of 1130-1140, and looks good to make another attempt at 1220. If it break that, then we are all set for the re-test of previous high of 1600.
FTSE is showing more bullish signal having already broken its 61.8% retracements level. Its poised to test the 5950 levels, and then go all the way to 6750 levels.
Among the Asian indices, only HSI seems to be sharing the global bullish overtone, whereas both Nikkei and Shanghai Comp appear weak. HSI is almost in the same state as S&P, having moved above the 50% retracement level, and making another go at the 61.8% level.
Nifty seems to have broken all the resistance levels. It making an aim at the all time high of 6300. The strength of the rally suggests that it would be broken soon.
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