SMI – 7th February 2013 – Market View

Posted By : Kishore B.S

Hi friends,

The Indian markets seem to be in no mood to let the bulls rule supreme for the time being and due to this the markets are in a volatile trading range, which as the time moves has been narrowing and narrowing further.
Tuesdays’ bounce of the Indices from the lows of the 5940 and yesterdays resilience of the markets which held on the 5940 mark indicates to us that the Nifty is holding on to the support zone of the 5900 levels and if the same is broken the Nifty is likely to witness significant strenght at the 5880 levels which is the long term breakout trendline.
In view of this factor, the charts are indicating that the current dips should be bought into with stoploss of the long term trendline of 5880 as the base for the time being with target of the 6028-6090-6240…..

(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)

Cheers!!

Team SMI

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