Posted By : Kishore B.S
After the Eventful day on Thursday where most of the stocks rallied post noon session due to the positive newsflow of the FDI getting cleared in the Loksabha and then on Friday in the RS, the markets didnt move up on Friday on account of the Tsunami Scare in Japan.
However now with most of the news being discounted and the markets clinging to hold on above the 5900 mark is a benchmark and set the target around the 6000 very clearly.
With that target in mind and the charts also supporting the same, due to the inherent nature of positive newflow emanating out of the Govt and market expectation of the cut in the rates this month by the Rbi will keep the trend clearly on the higher side.
The technical charts which were pointing out at some correction last week has changed this week to indicate that the dips should be utilised to initiate fresh longs with probable stoploss at the 5840 mark and till then the target of the 6000 would be intact.
Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)