Profitable opportunity is around the corner if one goes by the pattern formation in the weekly Sensex charts. This chart indicates the potential for a major weekly upward thrust. This may come through either this week or the next. The pattern formation in Reliance Industries and State Bank is such that they have some potential for immediate reward. And this would end up lifting the Sensex.

In stock markets, one always tends to look at what other players are doing. Here, the type of investments that is coming in indicates serious and highly committed funds, (high networth individuals or others). Look at MTNL, the way it surged up with substantial rise in price, unmindful of the fact that the price was on a higher plateau already.

Thestory is repeated at BHEL counter where the price moved up firmly from Rs 229 to Rs 239 and IPCL, which is considered comparatively weak from Rs 43.45 to Rs 44.35.

That the upward momentum is catching up with a wider breadth of the market is seen in that not only favourite strongs like Zee Telefilms (up by 2.16 per cent) are moving up; but even the second line stocks like Finolex Cables and Excel Industries have moved up. HPCL and Hindalco may not have moved up but certainly they are readying for a take off. Funds are being committed wherever investors see an opportunity. This is seen in Amar Raja Batteries, Krebs Biochem and the like.

The message is clear. The market is shifting to a fast track. On the daily charts, the stochastic indicator, the MACD indicator and RSI indicator are on the buy mode. On the weekly charts, only the stochastic indicator is on the buy mode. Others will take some more time to signal a buy. Markets can never be without risks, but right now the balance is in favour of rewards.