Expect Nifty to move up tomorrow: Dr CK Narayan, Founder, Chart Advise

In a chat with ET Now, Dr CK Narayan says the way the market is flowing, it is clearly indicative of the fact that there seems to be an inclination to go even higher

ET Now: We are closing into almost a 10 per cent gain from the lows of about 6900. Does that come this week? We have one more trading session to go?

Dr CK Narayan: Why are you overlooking that fact the week is not over yet and we are already talking about gains. The way the market is flowing, it is clearly indicative of the fact that there seems to be an inclination to go even higher. We are the ones who are putting some figures on the top of it and saying, consensus 7500 and all that but the market has to prove that. Now one of the pointers that we generally get when we are heading into a resistance is that the smart set among the option traders start writing the higher calls. So if you notice, today the 7500-7550 calls saw hardly any activity. So I think even the call writers, who are the Nifty lot, are a little chary of going against the trend which is all right now but seems to be pretty formidable. So I think we should probably expect some more gains. It is a weekend and it is a week wherein we had fantastic gains and shorts are still smarting. I am sure there are many out there and many of them may be forced to close out by their brokers or whoever is handling their accounts. So I think we should be seeing some amount of action tomorrow which would most probably be further upward. So I would not really write off this week quite yet.