The Index scaled the peak of 14706 on closing basis amid
falling volumes. Technically speaking, for a sustainable upward breakout,
volume must be in sync with the price. Though the volume was higher than its
weekly average but was way below compared to when the Index was at the same
level way back in early May 2012. This lack of volume can be attributed to the
holy month of Ramazan.
Keeping that in mind, for a sustainable breakout, the Index
must maintain its price level above 14700 at least for the next few days.
Failure to do so will result in either a sideways price action or a fall below
14500 level. Keep a close watch on price action.
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