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This strength has continued recently, and my initial target at 24,000 remains firmly intact.
Although the Sensex is down a little from its high on 21 April (at 22,877), this is a perfect technical development. The relative strength index had extended to a much overbought short-term reading, and the cooling has allowed this to unwind. We now have clear space between the index’s current level and its support band defined as 20,400-20,835. This near-2000 point safety margin should allow the support band to hold firm even if global markets pull back further.
More generally, I have detected better trends emerging on other Asian share markets recently. My March update suggested buying the Thailand share market too, and that breakout also remains on course to fulfill higher levels.
Recommendation: stay long. Trading target 24,000. Ultimately, a target as high as 38,256 can be expected in years ahead. Stop-losses remain unchanged, and activated only on momentum below 20,400.