No signs of stopping for the bulls! The market is raging higher on almost all indices, with the majority seeing new 52 week highs almost everyday!

As anticipated in our last weekly analysis, The Fed Chairman's Interest rate decision saw the Fibonacci levels of 21078 on NIFTY50 have being met and the Index has risen 2.32% in the past week alone. Our next target of 22462 still remains valida as long as the index trades above its last weekly high of 21020.

On the downside 20300-20500 is going to act as a very strong demand zone, whose breach can take the Index to 19530, which seems highly unlikely, barring exceptional events. One can look to participate in the ongoing rally on the retest of 20300-20500.

The 500 point range of 20800-21500 can be utilized on intraday basis to act as a congestion zone.

On the events tab, UK Inflation rate data along with Bank of Japan's Interest rate decision are the things to look out for. Keep an eye out for high impact events as they can be decisive in confirmation or reversals of market trend.

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