FTSE NSE indices have been in a congestion since July 16. Today the bulls seem to want to resolve this fight. In order to breakout out of this boring consolidation, the indices need to break above last Friday's close. This will ensure a bully close of July and make August a bull month with the challenge being the 2013 high set back in May.
On NSE20 I'm watching 4850 - 4950 levels. If bulls are to become agressive, that range must be broken otherwise it's back to boring action (range bound trading 4500 - 4900). At some point the range must break either down or up...
Best thing though is the euphoria gaps have been filled

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!