Posted By : Kishore B.S
The markets remained lacklustre yesterday amidst negative sentiments in the last hour of the trading in the banking sector, the reasons for the same could not be ascertained though.
Indian Indices have been trading in the negative territory for the last few months, starting from the month of February and this is an indication that all is not been well on the Economic front though lot of initiatives have been taken by the govt.
The Technical charts just before the kick start of the results season for this quarter and full year have been showing signs of highly oversold levels and are Indicating that the 5500 levels might be held and some bounce off to the resistance level of the 5580 might be witnessed this week, however for the full fledged action for the bulls to emerge winners the 5580 and above that 5690 would be the levels to watch out for.
On the lower side the 5500-5460 if broken might lead to further chaos indicating target of the 5300 levels for the current series……
(Inputs: Basket option Research bureau – Bangalore)