Posted By : Kishore B.S
Yesterday the Indian Indices were on a high on the back of market rumours of further reforms from the Govt especially biting the bullet on the cut in Fuel subsidy by hiking the prices of Diesel or partial deregulation of the diesel prices.
This one positive news of the reforms was sufficient for the markets to react on the positive angle, and for the technical point of view it was an indicator that the crossover yesterday above the 6028 mark would be the much sought after cue that the 6080 mark which was the critical resistance level would be breached for the target level of the 6118.
Also the breakout attains significance on a critical day when the behemoth Indices influencers like WIPRO, RIL and HDFCBANK are about to announce results which are the market moves, coupled with the late news of the diesel deregulation which would push the Indices over the roof to the reach the 6080 which is already been seen as i write this outlook.
Now it remains to be watched if the Indices close today above the 6080 mark, signally a move above the 6118 to 6246 levels in the days to come, which would be confirmed with the results of Reliance which has underperformed for long and might contribute alongwith HDFCBANK ……………..
Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)