Posted By : Kishore B.S
Hi Friends !!!!!
The markets closed on quiet note last week, though a tad lower than the previous week, yet the negativeness was not much since that can be attributed to profit booking after the rally from 4800-5300 levels in the last one and half month.
This week the markets are indicating further consolidation similar to the one witnessed during the months of May and June before the significant upmoves or downmoves were made. We would witness similar momentum going forward now that we are above the 5200 levels and as long as the 5160-5200 levels is held there is the possibility to striking the 5480 mark in the next fortnight.
The consolidation or downmoves should be used to buy in or enter fresh positions with stoploss of 5068 since that would be trigger point for the bearishness to setin and if that levels are held as pointed out the target of 5480 is intact without much difficulty.
The Euro crisis is likely to take a backseat and the charts are also pointing out that the markets are likely to take some breather or consolidation during the results season waiting eagerly for the Presidents Polls to be over and the likely announcements of the Govt after that to trigger the Economy growth and Markets ahead of the Elections season and slowing numbers.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)