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.
Market has seen sideways movements in recent times. We believe the market is likely to have limited upside potential at least till the time 19600 levels are taken-out on upper side in BSE Sensex.
Anybody focusing more than short-term should hold on to long positions. Be invested in select stocks to gain or outperform the markets.
Good support is likely to be seen at 19100 levels in Sensex.
Market had traded sideways for few days. Selling pressure has been trying to reverse the trend as buyers are not able to support the recent uptrend with ease.
Sensex has support at 18980 level and has resistance at 19600. As we wrote before 6 days, crossing 19600 is likely to remain a challenge.
The market has traded sideways during last two days as noted in previous ‘Market Outlook’. Overall, many of the market participants are showing caution to the FDI vote and its possible impact on the market.
SENSEX has support at 18990 while it faces resistance at 19430 & 19600 levels.
We expect the market to continue the upmove with good support at 18990 level. Look-out for Target of 19470 & 19600 levels. Booking partial profits at current levels should note hurt. Avoid short positions at least for now.