Posted By : Kishore B.S
Hi Friends !!!!!
The markets seem to be resilient and also on the downward drift which seems to be slow and yet likely to reach the target level of 4880 soon if the minor support level of 4930 does not hold. The graphs too are indicating that the downward trend is likely to continue after the failure of the indices to maintain the upward trend during in the opening yesterday.
With the downward drift the indices are also indicating that the lapse of any positive developments from the domestic and global sector are also weighing in on the sentiments of the markets. Today being the weekend could result in some volatility with the indices swinging in on both the sides of the yesterdays closing due to profit booking ahead and also due to the fresh oversold positions getting created. Overall for the investors the markets are creating some value booking in some of the sectors which have retreated to their new lows of December, though the indices are still on the higher side.
Given the current fundamental levels some buying at current levels would be advisable for swing trades in select sectors…..
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)