Market View 7th May

Posted By : Kishore B.S

Hi Friends !!!!!!!

It was all cool showers on the Indian bourses on Friday before the monsoon season started in India, with the Nifty tanking more than 100 points to close below the 5100 mark near the downward first target of 5060-5050 which was mentioned and

 stressed from the last one month.
The breakout down below the 5170-5140 mark resulted in the dramatic and volatile fall to below the 5100 mark and there did not seem to be any respite for the fall and no bounce back at any point of time during the session with the Indices in the One way zone of Downtrend.
Now with fall the Nifty has formed a Flag pattern on the Charts with first target being 4990-4980 below which the final target would be 4886 on the indices which could be the final resultant of the flag breakout. Though this might not happen immediately but the downward target cannot be ruled out by the end of June.
This pattern however would be negated if the Indices managed to close above the 5138 mark which seems unlikely for the time being.

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

Cheers!!

Team SMI

www.stockmarketinstitute.org

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