SMI – 1st February 2013 – Market View

Posted By : Kishore B.S

Hi friends,

Yesterday the January FNO series was lacklustre and lacked the spirit of direction for the next months contract, which generally is the feature for the last few months.
In view of this fact in mind the charts are indicating that the markets have not decided on the directional flow for the current series, which is likely to be coupled with the fact of the budget for the current year just ahead of the General election next year and also when the Govt is reeling under the pressure to stimulate the Economy and contain the Budgetary/Financial Deficit.
Apart from just these facts, the Indices are also trading at nearly 2 years high which is an indicating that we are infact in a bull market which cannot be ignored for the time being and also this cautions us that if the current trading range of the 6000-6100 if not broken convincingly would lead to distribution perhaps, and the course would be disastrous.

The charts are indicating the above mentioned prophecies that if the 6100 myth is not broken then the markets could test the 5900 mark ahead of the budget and if the 6100 is taken off then we would lead to the 6240 levels by the budget ………….      

(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)

Cheers!!

Team SMI

Leave A Comment