Posted By : Kishore B.S
The Indian Indices remained lacklustre and tightly range bound on the trading session of Monday ahead of the Railway Budget today, though the Global sentiments were largely positive expect for the Moodys downgrade of the UK.
Generally the Railway Budget is taken as a precursor to the Policy that the Union Budget is likely to announce, since the Railway Budget figures are also included in the Union Budget and needless to say that Country’s Infra is dependent on the Railways, for most of the products hence they attain significance for most of the Goods Both consumer and Industrial and their end users that is the Citizens at large.
The technical charts are indicating that the markets and Indices though oversold are yet to find the adequate support since the 5830 levels were broken during the trading yesterday and then there was bounce which lacked the confidence to further scale up.
Looking at this fact, it would be wise to understand that the Nifty is likely to crack further to the 5800-5780 levels where significant support might come in. Also the fact that the Budget is scheduled during the market hours, there would surely be impact on the markets, which would cheer or punish the same.
Based on this facts and the oversold levels, it would be adequate for the Investors to buy on dips, and not sell, unless the 5780 levels or broken off …………