Nice weekly chart making higher tops and bottoms.Chart showing ultimate target of 4980-5000 with this break out from 4250-4700 band,but with immediate resistance of at 4840-4860 levels.
But have two concerns in my mind while saying this
1. Dow moving to a resistance level of 9650
2. Please look at MACD in chart given above.In January 2008 MACD cross over market
corrected then now after a 19 months its near to cross over.A 200 point
correction(profit booking ) of nifty can be possible.It can come in one day
also.
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