Posted By : Kishore B.S
Hi Friends !!!!!
The markets remained subdued yesterday hovering in a narrow negative range indicating that the much awaited trigger for any direction is not yet arrived.
The results season which is scheduled to begin this week alongwith the IIP numbers to be announced and hopes of policy announcements are keeping the Indices afloat, though the Indices dipped to the support level of 5260-5240 yesterday, and bounced back yet the Global cues are not supportive of the fact and this support level seems likely to be breached soon.
The Gap created on the surge last week between the 5140-5200 levels is not yet filled and could be soon retraced if the 5260-40 mark is broken signalling a buying opportunity of the dips since the medium term upmove is intact.
On the higher side the 5310-5330 level is highly resistive and can be used to create short positions with adequate stoploss.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)