SMI – Market Outlook – 29th October

Posted By : Kishore B.S

Hi Friends !!!!!

Last week entirely the markets remained resilient and range bound mostly influenced by the mixed global cues and lack of buying spree in the domestic front and also the FNO expiry of the October series.
As of now the markets seem to be waiting for the sentiments to pick up and are looking for cues from the ongoing results season as to the further direction in the form of the guidance and outlook given by various companies which are critical for the Indices.
Given the technical charts for the outlook now it seems clear that the market is awaiting for some consolidation breakout to happen since the consolidation range is getting narrower and narrower similar to the one witnessed during the start of the current rally where the range was just 100 points and even now its the same narrow range of 100 points which is 5630-5730 and unless this range is taken off it would become uneventful.
With this outlook and the RBI policy slated for tomorrow probably the cues would emanate for the Economy and markets as a whole and it would be worthwhile to take positions and until then the mantra could be to buy on dips and sell on rallies…….    

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

Cheers!!

Team SMI

www.stockmarketinstitute.org

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