Mumbai: Markets had a volatile session and closed marginally in the green. The Sensex closed at 12,009.59 up 36.57 points. The Nifty gained 7 points to close at 3478.60. Will the markets remain above the 12,000 levels next week?
Technical analyst E Mathew expects the markets to move above 12,020-12,100 levels next week.
He says, "I would look forward to the next week. I do feel that in the next week barring unforeseen circumstances, one should see the Sensex moving above 12,020-12,100 levels and giving a clear direction for the target of 13,200-13,400. The Nifty would of course follow suit."
He adds that there is increasing scepticism building up in the market. "In this market there is profit-taking at each and every stage and there is increasing scepticism building up at each and every stage. If everyone was bullish that would have got me worried. But I think there are very few bulls really in the market and that is the cause for optimism for me," Mathew says.
Sajiv Dhawan of JV Capital Services says that if markets open strong next week, then one can see another 200-300 points run up.
He says, "If on Monday morning markets open strong, then one could very easily see the market run up another 200-300 points on momentum because that would really scare some of the short sellers."
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