SMI –7th May 2013 – Market View

Posted By : Kishore B.S

Hi friends,

Yesterday as stated the markets continued with its upmove but was marred with volatility due to the fact of overbought levels on the daily charts.

Yesterday the metal stocks coupled with the IT pack which had been subdued and beaten in the rally witnessed during the last fortnight showed their strenght due to which the indices bounced back to some extent.

After the closure above the 5950 levels again yesterday the technical charts are indicating that the rally is still likely to continue further unless the 5900 support levels are breached and the target would be 6040 easily for the time being and till then the best strategy would be to buy on dips …….

(Inputs: Basket option Research bureau – Bangalore)

Cheers!!

Team SMI

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