Posted By : Kishore B.S
The markets opened on a Lukewarm positive note and remained in the Positive zone for the whole of the trading session. However the most important point to note would be that the Indices failed to cross the 4940 mark which was the resistance level yet again for the second time in the last 8 trading sessions.
The positiveness was the reflection of last trading sessions bullishness which can also be attributed as spillover of the Gains but the indices failed to withhold to the Positive direction for long and drifted during the last hour of the trading session due to some profit booking and apprehensions of the Uptrend.
Though the rally on Friday was largely Driven by SBI and ICICIBANK, today the positiveness was sprend across the Sectors with most of the Frontline stocks in the Green. The bounce back witnessed on Friday at 4780 levels seems have brought back the confidence among the traders and investors that the downtrend witnessed from 5300 levels to 4780 could be the bottoming out and we might form some base here before any real bull rally could start.
Since the Indices have yet again failed to cross the 4940 mark it seems that tomorrow could be a lacklustre day with good amount of volatility and buying opportunities for all kinds and classes of people, unless the 4760 mark holds on.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)