With Greece debt crisis concerns out of the way, analysts expect market undertone to remain strong for now

Will the recent bullish mood on Dalal Street continue? In the last 10 years, benchmark indices — Sensex and Nifty — have gained between 5 per cent and 20 per cent in 10 out of the 13 occasions when the measures have fallen 12-15 per cent. Recently, the Sensex after correcting 13 per cent — between its record high of 30,024.74 on March 4, 2015 and low of 26,307.27 on June 12 — gained 8 per cent. With concerns over the Greece debt crisis out of the way for now, analysts expect the undertone to remain strong for now. China could be the party pooper, though. ET spoke to some leading technical analysts on their view on the market:

Dharmesh Shah, Head - Technicals, ICICI Securities

We reiterate our bullish stance and maintain the target of 35,000 for Sensex and 10,500 for Nifty for the current up-move. Based on the time and price confluence, a significant bottom has been made at the recent low of 26,307 (Nifty:7,900). We do not expect the market to violate this bottom in the foreseeable future. The secondary correction, in force since March 2015, has made the markets healthier by hiving off the overstretched conditions and created room for a further northward journey.

Shubham Agarwal, Head-Quantitative Research, Motilal Oswal Securities

Nifty confirmed a breakout from the ‘Downward Sloping Wedge’ post a consolidation of 4-months. An analysis on comparison of relative strength among global equities indicates that Nifty has gained relatively higher momentum, and a relative out-performance is expected for 6-9 months. Given a consolidation, post a healthy uptrend, it makes us believe that the longer term trend remains positive. Statistical model indicates an initial target of 9,600 for the current up-move.

Ashu Bagri, AVP - Technical Analyst, SBICAP Securities

For the Nifty, 8,390 and 8,874 are the next resistance during this year. Since the Nifty futures made a high of 9,191 during the year, these resistances have been broken. We expect a level of 10,400 for the Nifty futures in years to come which is 100 per cent price extension which we have drawn from low of 2,228 to high of 6,336. On Dec 31, 2014, Nifty futures closed at 8,337.85. It has closed above 7,905; it is the 38.20 price extension which we have drawn from low of 2,228 to high of 6,336.