Posted By : Kishore B.S
The markets did the most needed thing yesterday to signal what is likely to happen in the days to come. This momentum of the markets to Indicate the future is the most loving characteristic that the technical experts long to see.
Having said this the charts have clearly been indicating that the 6000 mark is the crucial levels which needs to be watched for the bulls if they have to rally further and the bears need to watch out for the 5880 levels to be successful.
With these boundaries defined and pre-set it remains to watch, what the course of the market direction would be. If the above mentioned levels are taken off on either of the side they the direction would be clear ie. if the 6000 is crossed the target would be 6190-6238 and if the 5880 levels is broken then the target would be 5790-5760.
However given the market momentun in the recent few weeks the scenario could be that the markets could consolidate for few days similar to the one we witnessed during the months of October and September where the Indices consolidated in narrow range of 100-150 points and then give the breakout.
Though much can be said, the wise thing to do would be simply watch the action and then take the necessary action … till then keep booking profits and buy on dips……..