On the ONSET wishing you all a very Happy Valentines Day, and with that note, it would be best for me to talk about the markets in the next paragraph.
Markets are always best known for their unique way of giving direction and the way that they are likely to lead in the days to come. Similar like the special day called Valentines Day the markets are also on a special note today with the slew of Results to be announced mainly SBI which is likely to give the directional move, due to the oversold nature of its current price could be a trend setter today, alongwith the Inflation numbers for last month that is likely to be announced today.
The charts are indicating that the Indices are at a critical path at current levels, after closing for 2 consecutive days above the 5920 mark indicating that the bulls still have a chance if the 5960 hurdle is surpassed, and the game changer would be SBI results which could lead to the entire PSU banks pulling up the Benchmark and the Inflation numbers that are likely to be announced today which would determine whether the RBI would finally relent to the populist call on aggressive Rate cuts.
All said it would be best to wait and watchout if the SBI and inflation would be game changers for the bulls or the bears is to be the scene, with the support poised at the 5864 levels for the bears to rule or breach of 5960 for the bulls to rule ……
(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)