I JOIN THE VOICE OF EVERY INDIAN TO CONGRATULATE OUR INDIAN TEAM PLAYERS WHO MADE EVERY INDIAN PROUD BY WINNING THE HISTORIC EVENT.
GOOD MORNING!!!
INDICES STARTED THE TRADE WITH A SOFT START IN THE MORNING TRADE TRACKING LEADS FROM ASIAN MARKETS WHICH TRADED WITH MODERATE GAINS BECAUSE OF TEPID LEADS FROM OVERNIGHT US MARKETS WHICH CLOSED MIXED AFTER POSITIVE US ECONOMIC DATA GOT OFFSET BY THE SURGE IN CRUDE PRICES TO 30 MONTHS HIGH LEVELS AMID LINGERING TURBULENCES IN THE MIDDLE EAST NATIONS. THE INDICES SOON SLIPPED IN THE RED TERRAIN AND KEPT GYRATING AROUND THE NEUTRAL LINE THROUGH THE DAY’S TRADE, AS BULLS RAN OUT OF STEAM AFTER EIGHT-DAY LONG WINNING STREAK. THE INDICES HIT THE LOW POINT OF THE DAY IN THE DYING HOURS OF TRADE POST WHICH SOME SHORT COVERING IN REALTY, AUTO AND CEMENT STOCKS HELPED THE INDICES TO EVENTUALLY CLOSE THE LAST TRADING DAY OF THE WEEK JUST BELOW PREVIOUS CLOSING LEVELS. THOUGH THERE WERE VERY LOW VOLUMES IN THE MARKETS THE BREADTH REMAINED EXTREMELY POSITIVE.
TODAY MARKETS WOULD OPEN FLAT TO POSITIVE AND REMAIN IN A NARROW RANGE FOR SOMETIME. IF NIFTY TRADES ABOVE 5874 THEN LIKELY TO MOVE UP TO 5886 AND BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 5900 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO NEW HEIGHTS. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5850 THEN LIKELY TO COME DOWN TO 5835 AND THEN TO 5816 LEVELS AND BREAK BELOW THIS LEVEL WOULD WEAKEN THE NIFTY AND BREAK BELOW 5800 WOULD MAKE THE UNDERTONE NEGATIVE IN THE MARKETS. THE PRIME FOCUS WOULD BE THE CRUDE, SOARING IN CRUDE PRICES WOULD DEFINITELY PUT THE INDICES UNDER HUGE PRESSURE IN THE DAY AHEAD.
