SMI Market View – 22nd June

Posted By : Kishore B.S

Dear Friends !!!!

The markets bounced back with vengence during the post noon session, however the charts as depicting below show that the bounce though was fierce and strong yet the momentum fizzled out near the critical resistance level, where they failed to crossover the pivotal level of 5160-5190.
This momentum has yet again signalled out that the indices are likely to remain range bound for some more time and the breakout is not yet confirmed and it becomes really tough and frustating when such event occurs due to the impending uncertainty which gives directionless markets mixed with volatile movements.
And during such times it would be advisable to remain on sidelines and follow the policy of buy on dips and sell on rallies near the upper range which would turn out to be the good trading opportunities,
The falling crude prices are a sort of some relief and if the Dollar also falls could provide the impetus for our markets turnaround in the days to come.

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


Team SMI

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