Nepse on its way to 609

Just like previously discussed in the technical analysis of Nepse dated 10^th May, 2013, the market index came to take a support near the level of 482 levels and is now retracing its way to the first resistance level of 556 levels.

Last time, Nepse reached over 550 levels was in the month of February, 2013. If the local bourse breach the first resistance level of 556 then the market will surely move on to second resistance level of 609 levels.

The technical analysis currently indicates, Nepse is in bullish run and the benchmark index advancing to 609 levels is likely high. And after reaching the level, the market is likely to make corrections up to the level of 560 which will be a strong support level in the future date.

In current scenario, both Nepse and Banking indices are moving in the same manner and heading towards the same direction. Last, Thursday i.e. 18^th July, 2013, Nepse index closed at 521.53 and Banking settled at 518.94 levels. So, the banking sector too can observe hefty surge in the coming days.

So, looking technical also, the prevailing market level is the best level to entry in the market where investors can expect 90 points leap in local bourse and then after making correction up the 560 level, the investors can again expect the market to advance to 850 levels within a short span of time.