Market View – 6th June

Posted By : Kishore B.S

Hi Friends !!!!

The markets opened with the Positive gap yesterday continuing the bullish sentiments generated on Mondays trading session. However the Indices failed to hold on to the gains and drifted during the session to close almost flat on the backdrop of wavering investors sentiments.
The charts are indicating that for the time being the 4800 level has held again and that unless this support zone is not breached there is no room to be panicky and buying could be easily initiated around those levels for some bullish reversal to the 4900-4940 resistance levels.
The failure of the Rupee to appreciate is causing doubts about our markets which needs to be watched out for, and a appreciation of the Re to 55 and below could bolster the sentiments in the favour of bulls. On the higher side the charts are also indicating that the Indices have been facing resistance at the 4990 levels which could play spoilsport.
All said it would be the time to make some buying with stoploss around the 4760 levels in the short term for some quick profit bookings.

(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)

Cheers!!

Team SMI

www.stockmarketinstitute.org

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