Posted By : Kishore B.S
After the lacklustre month of March, except for the expiry when some bullish spurts were witnessed, the markets has been largely in the negative territory for the last 2 months.
The negative sentiments is likely to prevail for further few days as long as the resistance of 5750 is not broken on the higher side which is the key level to watch out for. For the time being the 5600 levels is the pivotal support level to keep an eye on, since this level has been the main factor due to which the markets have been still bearable, failing which the 5400 would have been a reality by the expiry of last month contract.
The technical charts are indicating oversold levels and that the bounceback should continue for today as well with resistance at the 5720-5750 levels and support at the 5650 levels that needs to be watched out for.
If the 5750 levels are breached on the higher side, the charts are suggesting a target of the 5980 levels, which was the high witnessed during the last month, and if the 5630 support zone is taken off then the target would be 5480-5260 for the month……
(Inputs: Basket option Research bureau – Bangalore)