SMI –9th May 2013 – Market View

Posted By : Kishore B.S

Hi friends,

The markets remained positive even yesterday as stated and zoomed towards the 6100 mark late during the trading session. And as stated the markets were marred with lot of volatility where the Indices swinged on both sides of the territory during the day.

After the momentum yesterday, the charts are indicating now that the Indices are likey to face some stiff resistance around the 6090-6108 zone, for the bulls to establish their supremacy, which seems unlikely to happen for the time being.

On the other hand the bears can have some upper hand if the 6030 support is broken and some profit booking towards the 5900 levels cannot be ruled out if that happens.

At current levels, the charts are suggesting to exercise some caution and to follow the strategy of buy on dips and sell on rallies for the next 2-3 trading sessions ……..

 

(Inputs: Basket option Research bureau – Bangalore)

Cheers!!

Team SMI

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