Posted By : Kishore B.S
Yesterday the Indian Indices took some breather after opening on a flat note and then bouncing higher to make new highs in the recent fortnight to end on the flatter note.
The markets also witnessed some buying across the sector where even the metal stocks that had been laggards for quite a long time hogged the limelight coupled with the auto stocks.
As indicated by the technical charts the markets faced resistance around the 5730-5750 levels where the indices were not able to crossover that mark and witnessed across the board selling at that pivotal levels which needs to be watched closely now.
Yesterday closing just above the crucial support zone of the 5680 levels has yet again put the focal on this number to check if the range bound momentum would return to the markets after 3 days of gains or we would witness some correction again ahead of the long weekend.
At this juncture it would be worthwhile to watchout if the 5650 levels hold to buy with likely target of the 5800-5900 mark by the month end which is next week.
If the 5650 levels are broken then we would be back to the range bound momentum range of the 5500-5650 again ……
(Inputs: Basket option Research bureau – Bangalore)