Posted By : Kishore B.S
The Indices rose yesterday during the second half of the session after the lull morning session, which was highly volatile and range bound in just around 10 points.
The rally that was witnessed during the last 2 hours of the session was a testimony and in support of the bulls that they would be able to rule the roost for some more time, since the Indices were above the 5900 levels and in striking distance of the 5930-50 levels, which is the key/pivotal resistance levels for the current rally.
If the indices manage to crossover these levels then the rally would further find momentum towards the 6040-86 levels ahead of the key RBI policy meet this friday.
The technical charts were right when then pointed out last week that though they seem overbought, yet 2 of the Indicators were not yet overbought and perhaps this was the signs that the steam of the rally is not yet fizzled out and more is likely to come…
(Inputs: Basket option Research bureau – Bangalore)