Posted By : Kishore B.S
Phew !!! what a Series … have never come across this kind of Range bound momentum series of just 200 points for the entire month. It was like well defined and clearly demarcated series where anybody and everybody could just go long at 5160 levels and easily get out at 5300 levels and short above 5300 levels and book profits easily below 5200 levels.
The resilience of the markets didn’t seem to be disturbed even today after the S&P warnings and negative and lackluster Asian Cues and expiry was Quiet, closing at 5189 levels on the Nifty. The Positive and better than expected FOMC minutes by Bernanke and positive American Markets coupled with the Positive European markets also failed today to give the much awaited Directional Move languishing hopes among the Investors and Traders alike as to the Road Map ahead.
With todays’ market closure the Indices have yet again failed to give the direction in the Current month and now it seems the days to come during the month of May would be keenly watched with anticipation for the future direction with the onset of the Rate cuts and the Yearly Performance numbers given my most the of the Indices stocks.
Today after the closure of our markets the European markets have been trading on the negative territory with the exception of the US markets which are fairly positive. But all said and done if remains to keenly watch out for the breakout of the Range 5140-5340 for future course of action in the markets and till then it would be better to trade on a lighter side.
(Inputs: Mr. Hemanth V, Faculty TA, Stock Market Institute, Bangalore)