SMI –23rd April 2013 – Market View

Posted By : Kishore B.S

Hi friends,

The markets moved in line with the expectations yesterday where the rallies posted during the last week was maintained with the Nifty moving up to the pivotal resistance level of the 5836, however it is important to note that the closing was not above that levels, though the markets were above that during the end of session.

The technical charts ahead of the FNO series day after, due to the truncated week where our markets are closed tomorrow are indicating that the Indices might face significant resistance around the above mentioned levels of the 5836-5850 which needs to be keenly watched out for.

If the mentioned resistance levels are breached then the FNO series is set for expiry around the 5900-5940 levels and if not then we might witness some profit booking due to the 7.5% rally which might find support around the 5780-5750 levels.

With this note it would be better to place our bets and trades accordingly…..

 

(Inputs: Basket option Research bureau – Bangalore)

Cheers!!

Team SMI

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