Posted By : Kishore B.S
Yesterday the Indian Indices tanked in the last hour of the trading session to the initial or pivotal support zone of the 5960 levels but the saving grace was that it closed above this pivotal level.
Given the dramatic momentum of fall yesterday during the last hour of the trading session, the bearish sentiments might prevail today as well and there are chances of the 5960 levels getting broken down as a momentum play, and if the closing happens below that mark would signal a downward trend for targets of 5900-5880 levels easily.
On the higher side a move above the 6028 would steer clear all the doubts about the impending rally ahead of the IIP numbers tomorrow.
One of the key positives for the bulls are the market news about a possible rate cut by the RBI signals from which have already been indicated during the statement yesterday. If that really does happen would do good for the economy which is faltering and most of the realty, auto and Infra companies to further boost sales.
Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)