Posted By : Kishore B.S
The indian indices seem to be a pretty bad shape atleast for the time being, where the direction is now down and there are no indications for the bulls or people who are expecting some bounce whatsoever.
Even though the global markets and indices have been in the positive territory yet our indices have been in a tight bear grip where every single attempt of the bulls to dominate have been sucessfully thwarted by the bears on every single day.
Infact the whole of the current month and some days of Feb, have been the bear domination sessions, where Indian Indices have corrected by nearly 10% when the Global markets have been threading at the 4-5 year highs.
The technical charts are indicating oversold levels, but any bounce back for today or atleast till mid next week seems far from happening, today being the expiry day, the gyrations can be huge and one needs to watch out for the 5600-5550 levels for the bounce back to be real failing which the 5200-5280 levels is definitely in the offing in the next one month.
(Inputs: Basket option Research bureau – Bangalore)