Posted By : Kishore B.S
The Indian Indices just slided below the support levels of 5750 to make to the new lows of 5650 yesterday thereby covering the GAP that was being mentioned earlier, however yesterdays brutal slide was something that most had not expected.
The technical charts after yesterdays sharp downside are expecting that the markets might consolidate further and might give some bounce back for the day, however the bounce back woul dnot be meaningful unless the 5750 is taken off on the higher side, failing which the downside move would further continue to the 5600-5560 levels which would be final correction of the Rally from the 5200 to the 6100 continous rally.
Today is the final day of the week and some profit booking of the short created over the last few session, needs to be watched which might trigger some rally, however the same should be ignored atleast for the time being……
(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)