GOOD MORNING!!!
INDICES MADE A VERY CAUTIOUS MOVE ON THE START OF THE MARKETS DESPITE POSITIVE CLOSE OF US MARKETS OVERNIGHT, AS INVESTORS PREFERRED STAYING ON THE SIDELINES AS THEY LACKED CONVICTION FOR THE STRENGTH OF THE MARKET AFTER THE MASSIVE LOSS ON FRIDAY ON WORRIES OVER SURGING INFLATION AND INTEREST RATES IN THE COUNTRY. HIGHER THAN ESTIMATES OF GDP NUMBERS DID GIVE SOME RELIEF FOR A VERY BRIEF PERIOD COULDN’T MANAGE TO HOLD TILL THE END, JUST AFTER NIFTY INCLINED BY 40 ODD POINTS FELL SUDDENLY ON A PROFIT BOOKING NOTE WITH HUGE VOLUMES IN JUST FIVE MINUTES OF TIME TO BRING THE MARKETS TO THE NEGATIVE ZONE AND BOUNCED BACK FROM LOWS OF THE DAY TO CONSOLIDATE THE INDICES AND CLOSED THE MARKETS ON A FLAT NOTE. THOUGH THE MARKETS ENDED THE SESSION IN THE GREEN TERRITORY SUPPORTED BY GAINS IN THE FMCG, REALTY, OIL & GAS AND SELECT METAL COMPANIES, BUT THE TRADE REMAINED LACKLUSTER AFTER THE HUGE SELL OFF WITNESSED IN THE MARKETS ON FRIDAY AND THERE IS HARDLY ANY CONVICTION SEEN AMONG THE INVESTORS AT THESE LEVELS.
TODAY MARKETS WOULD OPEN FLAT AND RANGE BOUND THOUGH GLOBAL CUES ARE POSITIVE MAY NOT MAKE AN IMPACT TO THE INDIAN MARKETS AS THE SENTIMENT STILL REMAINS WEAK THERE IS HARDLY ANY CONVICTION SEEN IN THE MARKETS BY INVESTORS. WE MAY SEE ANOTHER LEG OF SELL OFF BEFORE OR AFTER A RETRACEMENT IN THE MARKET. IF NIFTY TRADES BELOW 5380 THEN LIKELY TO COME DOWN TO 5360 AND THEN TO 5320 LEVELS AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 5300 AND THEN TO 5200 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5450 THEN LIKELY TO MOVE UP TO 5500 AND THEN TO 5540 LEVELS ANY CLOSE ABOVE 5540 IS A SIGN OF POSITIVE WAVE TILL THEN WE MAY TAKE EVERY OPPORTUNITY FOR INITIATING FRESH SHORTS.
TODAY MARKETS WOULD OPEN FLAT AND RANGE BOUND THOUGH GLOBAL CUES ARE POSITIVE MAY NOT MAKE AN IMPACT TO THE INDIAN MARKETS AS THE SENTIMENT STILL REMAINS WEAK THERE IS HARDLY ANY CONVICTION SEEN IN THE MARKETS BY INVESTORS. WE MAY SEE ANOTHER LEG OF SELL OFF BEFORE OR AFTER A RETRACEMENT IN THE MARKET. IF NIFTY TRADES BELOW 5380 THEN LIKELY TO COME DOWN TO 5360 AND THEN TO 5320 LEVELS AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 5300 AND THEN TO 5200 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5450 THEN LIKELY TO MOVE UP TO 5500 AND THEN TO 5540 LEVELS ANY CLOSE ABOVE 5540 IS A SIGN OF POSITIVE WAVE TILL THEN WE MAY TAKE EVERY OPPORTUNITY FOR INITIATING FRESH SHORTS.
