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This story is from September 20, 2007
Investment gurus see Sensex at 19K
A leading technical analyst who goes by the much celebrated Elliot Wave Theory, said that the Sensex is now at the fifth phase of the fifth wave.
A leading technical analyst with a large domestic broking house, who goes by the much celebrated Elliot Wave Theory, said that the sensex is now at the fifth phase of the fifth wave.
What this means is that the index is close to completing its five-year rally. The upside in this rally could take the Sensex to beyond the 19,000 mark, an upside of over 20% from the current level.
This is also the phase of euphoria accompanied by extreme volatility, including huge intra-day swings, the chartist said.
Another hallmark of this phase is that people come up with many reasons to justify their stock buying decisions he added.
Said an analyst who tracks NSE nifty, the short-term upside for the index from the current level is beyond 5,000, and this could be achieved in less than a month. On Wednesday, with a record-breaking 186 points rally, the nifty ended at 4,732, its first close above the 4,700 mark. A rally beyond 5,000 means a gain of about 5% from the current level.
Chartists are also waiting for signs from the derivatives market. Once the September contracts expire on September 27, one could expect a fresh rally, said a derivatives dealer at a local brokerage house.
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