SMI Market View – 17th July

Posted By : Kishore B.S

Hi Friends !!!!!

The markets were in the negative zone yesterday after last weeks range bound momentum and the downward move triggerred on Thursday after the Infy results. The trend continued for the 3rd consecutive day where the initial trading session was lacklustre and range bound with the Indices stuck in the 20 point trading range and the last hour witnessing some sell off where the Indices witnessed new lows to the support level of 5190.
As Indicated in the Graph below this 5190 level is of significance since as long as that level holds the trend is likely to remain Up and if this level is broken then the GAP between the 5160-5190 would be filled and the 5160 mark will attain significance again which was held was quite a long time during the last month. If the 5190 mark is held today and if the Indices are able to cross the pivotal resistance zone of 5260 then the Indices could zoom up to cover the Upper GAP to reach the 5300 mark.
The markets are in a range again between the 5190-5260 level which remains to be watched out for, since the break out of this range could give the desired targets as set forth and also the future directional course of the Indices and it would be idle to follow the market trend based on the direction it treads.
(Inputs Mr. Hemanth.V, Faculty TA, Stock Market Institute, Bangalore)
Cheers!!
Team SMI
www.stockmarketinstitute.org

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