The crucial support did manage to hold yesterday too but the technical parameters suggest that we are not out of the woods as yet and are still hovering around the crucial mark with the Damocles sword hanging around 5558. This coupled with an inside day yesterday ( i.e. yesterday's highs were lower than the day before yesterday's high and y'day's lows were higher then the day before y'day's lows), a breakout seems imminent in today's session. In other words the market will either fall or rise abruptly. But the direction can not be predicted.
That being said, the benchmark will find support at 5566, 5545 and 5511 and resistance at 5602, 5613 and 5622. Beyond 5622 we can see a bout of short covering taking it up to 5666 and beyond.
Traders are advised to just watch and stay away from trading as the market is standing on a critical juncture.
Mid term traders may continue to bid the stocks specified in an earlier post.
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Almost accurate prediction regarding market mamemtum.Helps me in making decision regarding my trade.
ReplyDeleteThanks.
Sangita.