Breaking Out in New Trading Range

Hi,

Its cracking Diwali time for our markets as we broke out of range today. I was expecting a decisive close above 5040 which is indeed a crucial level posted at 16th Sep(5030 +/- 10 pips) as well as in last post worked!! and we are ready to trade in hopefully new territory.

See charts how we traded in last trading range....

Now for tomorrow we can see some downside retracements below 5100 which will be best entry points for longs also half yearly results season is also there so me may see some volatile moves typically in Indian style. Upside targets are already mentioned in 16 Sep post hopefully with help of positive global cues and earning season may drive us to new highs.
It will again be premature to guess the high of next trading range but as my upside targets are quite near I'm estimating that we can hit the new top of this trading range to somewhere around 5220 and then we might see some consolidation from there. (projections are based on the assumption that we have left our earlier trading range and heading for the new range)

Hope you loved reading it.
Happy Trading!!!