Posted By : Kishore B.S
Today was another lackluster day again with the indices remaining largely range bound with negative sentiments till the last hour of the trading session. The Quiet Expiry yesterday and Positive US markets were unable to impress our markets due to the Negative Impact created by the S&P downgrade of Spain for the 2nd time in the current year.
This downgrade created doubts about the fiscal and economic scenario of the Euro nations sending the Euro further down and also the Asian markets and Euro markets in tailspin. However the European markets recovered after the initial hours of downfall into the positive zone which helped in the recovery of our markets into some positive territory and close at marginal positive level.
Overall the indices have been range bound and in a tight narrow range with the waiting period getting longer and longer for the breakout on either side of the bear and bull zone pinning the hopes of both as to the future course of the markets. But on the lighter side the indices are bouncing back most often from the 5160-5140 support zone indicating some amount of positiveness and hope for the bulls who have remained subdued and out of markets for the last 25 sessions.
The new May series might turnout to be a eye-opener and the course needs to be watched out for ….
(Inputs: Mr. Hemanth V, Faculty TA, Stock Market Institute, Bangalore)