Hi all,
Personal View on Indian Markets -
Nifty is currently stuck in the range of
around 200 points between 8080-50 on the lower side and 8250 on the higher side;
an either side breakout will decide the further course of action for markets.
Without any big trigger except the Results
season for Q2FY2016 Dalal street is expected to trade range bound with
different levels, one of them can be the one stated in this mail (8080-8250).
Results so far are not very attractive and the
same is holding Nifty to cross higher levels, a bad quarter with poor profits can
take Nifty down to lower levels of 7870-7670 also.
The short term trend is sideways with a
slight negative bias based on charts and average quarterly results season so
far, supports 8150-8080 and resistances near 8200-8250
The midterm trend looks gloomy because
though markets are creating higher highs and higher lows, they are not able to
surpass the key resistance areas, a couple of days closing above 8230-8250 can
take Nifty higher till 8320-8360-8400 whereas breaking crucial support zones of
8050-7700 Nifty can even break the recent lows of 7539.....
It’s important to mention though, that the
next big trigger for markets will be in 2nd week of November when
Bihar Assembly results will come out
Traders are advised
to trade with lesser leverage and higher caution
Cheers
