Market View 24th April

Posted By : Kishore B.S

Hi GM All,

The markets sank-in yesterday continuing the downtrend set forth on Fridays session, thereby extending the fall to the psychological support barrier at 5200. Though the Indices fell by nearly 100 points below the 5200 mark, yet the closure was exactly at the 5200 levels.

As indicated in the Graph below now the Indices are in the make or break scenario of the Narrow Trend where the lower end of the range was 5200 and higher end being 5338. If the Indices close below the Support levels marked being 5170-5140 then the Indices can drift down all the way to 5060-5040 levels soon. However the better than expected results of bellweather TCS could be a silver-lining followed by some clarifications by the Finance Ministry and FM with regard to the GAAR and other reforms could trigger some value buying and take the Indices above which can be confirmed only if the In
dices manage to move and close above the 5280 mark before the Expiry.

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