Markets are geared up for a bull-phase. Sensex can hit 51,800 levels

Nifty Bank is expected to rally over 5 per cent once 34,350 is conquered and held on a closing basis, technical charts suggest

Supported by the US Fed decision to keep policy loose and firm global markets cues, benchmark indices extended their bull run to fourth straight day on Thursday. 

Starting gap-up, frontline indices reclaimed major psychological marks in the early deals with the S&P BSE Sensex reclaiming the 50,000 mark. Profit booking, mainly in banking counters, saw the frontline index give up some of its gains as trading progressed.

That said, there are indications that the markets will continue their journey north, as long as global and domestic cues remain supportive. 

Here are the key levels one needs to watch out for in the frontline indices.

S&P BSE SENSEX
Likely target: 51,000 and 51,800
Upside potential: 2.22% - 3.83%

The index has scaled the resistance range of 50,270 with an intra-day high of 50,375 on Thursday. Similarly, the 50-days moving average, which stands at 49,846, has also been conquered. This shows the strong upward strength in the index. Going forward, the positive bias should prevail despite intermittent corrections and the index can move up to 51,000 and then 51,800 levels, which are the next resistances fo the 30-share index. The support comes in at 100-DMA, which is located at 48,913. Till this support is held, the medium-term outlook remains highly bullish. CLICK HERE FOR THE CHART
 
NIFTY50
Likely target: 15,250 to 15,350
Upside potential: 2.24% - 2.91%

The index has scaled the sentimental mark of 15,000 after firmly closing above 50-DMA, as per the daily chart. This suggests the overall trend can witness buying momentum in the days ahead. The index is heading towards 15,250 to 15,350 levels, which are its next resistance mark. The Relative Strength Index (RSI) has conquered 53 value, indicating strength. The medium-term outlook is bullish until the index is able to defend 14,444 level, which is its 100-DMA.  CLICK HERE FOR THE CHART
 
NIFTYBANK
Likely target: 36,000 to 36,400
Upside potential: 4.80% - 5.97%

After crossing 100-DMA with a gap-up close, the index is heading towards 50-DMA placed at 34.153 mark. The overall trend is bullish. The index hit an intra-day high of 34,287. Once it manages to sustain above 34,350 levels on a closing basis, the follow-up buying may see a rally towards 36,000 to 36,400 levels, which are the next resistance mark. On the downside, until the index does not breach sentimental support of 33,000 aggressively, the upside bias remains strong.  CLICK HERE FOR THE CHART