SMI – 7th November 2012 – Market View

Posted By : Kishore B.S

Hi friends,

Yesterday after the lull that prevailed in the first half of the trading session, the markets after good consolidation gave an upper hand in the afternoon to close near the highs which is the pivotal level of 5720.
With this closure yesterday the markets have clearly indicated that the upmove is likely to herald further since the hurdle of 5734 needs to be crossed which the technicals charts are indicating that will be done today with minor resistance around the 5740-5766 levels which if crossed successfully could trigger further rally to the 5810-5840 levels.
ON the lower side if indices break the 5690 levels could trigger a downfall and the end of the current rally witnessed from last week, The markets are pining its hopes that the rally would be bolstered on the higher side to reach the 5800 mark and the technical charts are supportive if the 5740 levels is crossed. 
Overall it would be ideal to buy above the 5740 levels if sustained for more than 10 mins for target of 5780-5818 …….      


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


Team SMI


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