Outlook of Indian Equity Market 3rd January, 2013

With NSE Nifty closing above 6000 spot levels, new buyers may come into the market to participate in the rally. On a cautious note, one must note that India’s equity market had a more than a decent run in recent times which may cap upside for the very short-term perspective.

Last time, we stressed to hold long positions when BSE Sensex was at 19324 levels (today’s close is 19765). Traders holding long positions in the period would have seen MTM (mark-to-market) moving favorably. Sometimes, it helps to hold a position for few days.

Sensex has crossed 19600 levels successfully. In coming days, some resistance in the zone of 19830-19900 levels is likely to be seen. Sensex has good support at 19450 levels.

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