Yesterday the Indian Indices remained in sync with the Global markets, by remaining and trading in the negative territory for the day, though some attempts to retrace the lost ground were made but were not successful.
Technically speaking hte Nifty broke down below the first pivotal support zone of the 5980 and touched the low of the 5940 levels which is some support for the markets for the time being, but a full correction to the 5900 levels should be a welcome sign for the bullish participants to reenter.
However, given the market scenario a pull back to the 6000 levels cannot be ruled out immediately, and any move above the 6028, would lead to some more upside to the 6100 as well, in view of these factors there would be no harm for the participants to reenter at current levels as well, if the markets were to open on a slightly positive note.
For the current entry of the markets the stoploss woulde be poised at the 5900 levels which if broken should be utilised to short the markets, and till then the bulls have nothing to fear with conservative target of the 6028-6090 levels.
(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)