SMI Market view – 18th July

Posted By : Kishore B.S

Hi Friends !!!!!

The Indian Indices stayed flat yesterday and drifted in the negative zone after the initial gap up opening due to lack of buying interest and support from the market participants due to the negative vibes by the RBI Governor to support the Economy by Cutting prices and passing the buck to the Govt.
Yesterday flat closing also attains significance in the wake of the current market sentiments which are flickering between the bulls and bears with the bears having an upper hand from the last 5 sessions, after a stupendous rally witnessed during the fortnight back.
Though the rally had given a breakout with the target around 5440 yet it fizzled out at 5340 mark and has declined back to the 5200 mark where the support emerges in the 5160-5190 zone which ironically is also the Gap that needs to be filled in due to the rally.
The technical charts are indicating the continuation of the Volatile swings with the support poised at 5160-40 levels to be watched out for and the resistance at 5260 to be closely monitored for further rally. And it would be best to leave it to the markets to decide the direction and follow that course……  

(Inputs Mr. Hemanth.V, Faculty TA, Stock Market Institute, Bangalore)
Team SMI

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