Posted By : Kishore B.S
A very quiet day. These sort of days just frustrate the investor and make a trader restless. All those who are waiting for their targets to get achieved sell off their holdings prior because of frustration and all those who are waiting to buy on correction end up buying higher. Very few people have the patience to stick to their targets and have patience. These sort of days are very frustrating.
Tomorrow we are having results of RIL. This is a very big event. If this comes bad Nifty might go back to 5200. If this is positive Nifty might touch 5380 once again. Next week is expiry so markets are bound to be volatile in the coming days. Seeing the problems in RIL the expectations are not very high.
The big event – Spanish bond sale, has been done. It has been received well but the investors were cautious about the future of Spain. This provides a small breather for Spain. Seeing the bigger picture the woes of Europe are increasing day by day.
Nifty was again not able to cross 5340 levels. This is the immediate resistance level which seems very difficult to break. I would not suggest to go long in this market. The trading range of 5180-5380 continues. Markets are highly unlikely to break 5380.
(Inputs Mr. Shubham Deva, A Stock Market Institute Associate. IIT Kanpur)