Posted By : Kishore B.S
The markets drifted down yesterday to close near the pivotal level between 5170-5200 at the 5190 mark. Now it remains to seen whether the markets would break the pivotal support level of 5170-5140 zone today.
Since today also marks the weekly close a closure below the 5160 mark will have a wider impact marking the downward trend with likely target of 5060-5000 in the days to come and if the indices sustain and close above the 5200 mark then the wait is likely to get extended.
With these words it would be advisable to remain on sidelines and watch the course of direction and then trade will adequate stoplosses.
(Inputs: Mr. Hemanth V, Faculty TA, Stock Market Institute, Bangalore)