Posted By : Kishore B.S
The markets remained highly volatile on Friday indicating that the direction is not clear and the support zone of 5200-5228 is likely to held for some more time. However on the higher side the indices failed to cross the resistance zone of 5294-5308. The charts are indicating that the volatility is likely to continue and high due to the impending Expiry on Thursday. It is also indicating that the trend would be negative and advisable to sell on rallies for the time being.
As envisaged during the last few days 5176-5200-5228 would be the strong support zone to be watched for which if taken out would lead to further fall to 5070 levels. On the higher side 5308-5338 would be the strong resistance levels which would negate the negative view on the markets.
(Inputs Mr. Hemanth V, TA Faculty Stock Market Institute)