Posted By : Kishore B.S
Hi Friends !!!!
The expiry of the FNO series yesterday largely remained in the lacklustre mood with the resilience setting the anxious mode of the participants to wait and watch mode.
It is not the first time that the expiry has been range bound and flat,infact this has been the mood during the expiry of the FNO series for the consequent 3 months. The mood has been that the markets take course and direction after the expiry of the contract setting the direction for that month and this trend might set in for the current month series as well.
Looking at the market sentiments it is unlikely to move up unless the 5730 barrier is taken off which has been holding strongly for the last few sessions and the same was not breached yesterday as well. On the lower side the range support of 5630 is not taken off hence for the current series the technical charts are indicating that unless the direction of the market gets cleared it would be ideal to wait and watch rather than enter and sulk.
Till the range is not breached the strategy or mantra should be to watchout and use the range to make swing trades only…..
(Inputs: Mr. Hemanth.V, Faculty TA, Stock Market Institute – Bangalore)