The markets mood is extremely buoyant and opening bell is likely to reflect this. It is difficult to predict target for the day, however, the BSE Sensex may sniff 18,000 during the day.
According technical analyst of Motilal Oswal, there is indecisiveness amongst participants which is also evident with the rising implied volatility (IV). However, despite high volatility in the last two days, the buying has emerged at the lower levels. As long as this buying emerges at lower levels, the trend will remain up.
Nifty would gain momentum only if the index manges to close convincing above 5233. The index has a crucial support at 5180 while resistance would be in at 5260.
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