Posted By : Kishore B.S
Hi Friends !!!!
The markets opened positive yesterday due to the continuation bullish pattern technically. However the positiveness started fading slowly as the session progressed and the indices failed to cross the resistance level of 5028-5036 indicating that the rally from 4780 might be coming to a halt ahead of the expiry on Thursday.
Though the Euro markets and Asian markets were largely positive giving the positive cues due to the expectations of Easing by Euro and UK to buffer the likelihood of Greece exit and also the stimulus news by the Chinese Govt, yet the depreciation of the Rupee played spoilsport which halted the Upmove for our Indices.After three straight days of Appreciation of the Rupee by nearly 1 Re, the Re slid yesterday by nearly 50 ps which picked up the negative sentiments among the investors at large.
The Macro Economy too jilted due to the allegations made by Team Anna against the most of the prominent Ministers and PM in various grafts and scams which further brought the sentiments of the markets to negativity.
The charts are indicating that the failure of the Indices to crossover the resistance of 5028-5036 zone could result in some profit booking or drift to the immediate support levels of 4946 which if fails to hold could drag the indices further down to the 4880 levels. The sentiments for today would be bearish unless yesterday closing levels are breached, with likely targets of 4950-4918 on the Nifty.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)