ONGC and Reliance, the two stocks identified by us earlier, sparkled today to propel Nifty above 7500 levels.
We had in our earlier post Future Stars of Nifty dated 29th May, predicted the move by the two index heavyweights, which would take Nifty to higher levels.
ONGC moved from Rs. 381 to Rs. 457 ( up Rs. 76 or 19.95%) and Reliance from Rs. 1076 to Rs. 1130 (up Rs. 54 or 5%) between 29th May and today as TTO rightly anticipated their bullish moves well in advance. Nifty has moved from 7246 to 7525 (up 279 points or 3.85%) in the 5 trading sessions.
The following hourly charts of ONGC and Reliance show the bullish strength of the two stocks.
Nifty has broken out of the consolidation range of 7200-7500 and if it manages to sustain and close above 7500, now has a target of 7760-7800 in the near term.
