Yesterday the Indian Indices showed the resilience which has been consistent from the last few weeks, where the indices bounced back from the lows of the day to close in the positive territory. Infact this resilience and bounce back is symbolic of the bullish markets.
This momentum of the Indices yesrerday has been reflected in the Technical charts as signs of the impending bull run with strong support zone around the 5960-40 levels which needs to be cautiously watched out for now, if the bullish sentiments need to prevail.
On the flip side any dip below this 5960 levels would signal that the bulls are losing control and the bears would gain prominence to hit the lower panic button with conservative target o fthe 5900 levels for the time being.
But since the bulls are prevailing it would be wiser to lookout for the crossover above the 6028 levels to confirm the bullish rally to the 6080 levels which has long been pending now………
Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)