SMI Market View – 9th July

Posted By : Kishore B.S

Hi Friends !!!!

The markets remained largely range bound last week, signalling the sentiments prevailing among the participants of indecisiveness after the rally. Generally the markets inches up after a significant rally or breaks down due to profit booking but the last week was resilient and unique wherein not much happened.
This week attains significance due to the start of the results season and also the important numbers as in IIP due to release alongwith the European and US news on various numbers to be released.
Most of the Global economies now have been disturbed and have been devising ways to thwart recession and fuel growth by either cutting rates or pumping in money in the form of stimulus except for our country where nothing significant has been announced yet and hence the markets are eagerly awaiting for some major policy move now that Mr. Manmohan singhji has assumed the Additional weightage of the Finance ministry and his famous dialogue of Animal growth.
The charts are indicating that the trend is bullish for time being and as long as the trendline of 5240 is not cut buying can be initiated on dips and the target set of the 5400-5440 is intact. If the trendline of 5240 is cut then we could witness further lows to the support level of 5140-5020.   

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


Team SMI

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