Posted By : Kishore B.S
Yesterday the markets remained largely resilient after the big jump on Monday, though the TCS results were spectacular yet it failed to arouse participants interest since the stock closed at minor loses inspite of opening on a higher note. The most prominent stocks remained the telcom and Private banks, which seemed to suddenly have caught the fancy of investors.
The technical charts have indicated that the breakout was through yesterday after the second consecutive closing above the 6028 levels, and the conservative target of the 6118 would be reached soon. Though the charts are indicating further high target of the 6246 levels yet given the upswing that has been made during the last one month, the probability of reaching those levels seem to be unrealistic for time being.
On the lower side the bounce back from the lows around the 5940 is a strong indication to us, that the markets are likely to take strong support at those levels and any opportunity on dips near this levels should be utilised to buy further.
The charts are also clearly pointing out to the fact that the 6000-5980 mark is the strong support zone for the participants to look out for, which if breached could lead to the Indices dragging down to the support zone, and till this level is intact the chances of the 6118 is bright and clear.
Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)