Posted By : Kishore B.S
The markets remained resilient yet again yesterday keeping the participants at bay as to the future course of the market direction. This uncertainity coupled with the narrow momentum of the Indices are creating a lot of stress with the participants since the pivotal resistance level of 5730-50 remains to be crossed.
Since the same has not been broken the participants are creating short term short positions as the Indices are trading at 1.5 years high with the hope that the current uptrend could set forth for some correction to the first support level of 5650-5450 in the days to come.
The charts are Indicating that the upside is still intact and that the uptrend could further continue till the 5800 levels and some resistance could set in at those levels which if broken could lead the rally further to the 5840 levels and this could be the ultimate rally for the bulls to exit their longs and wait for the bears to take over.
On the lower side the 5680 levels is the immediate support levels to watch out for, which if broken could lead to downside to the 5600-5560 levels which looks unlikely for the time being.
(Inputs Mr. Hemanth.V, Faculty TA, SMI – Bangalore)