March Forward 5600 !
(The figures given below is of Nifty level)
Market is at crucial stage, what I think.
It has to march forward towards 5600. It has to respect 5300. Bulls to save.
Market should not break down 5300 with larger volume or convincingly. Otherwise cuts will be sharper and we will be only watcher with a hope that 5100 level will be honoured. That I think, it is remote.
Why so important 5300? Saving 5300 is important because it will place the market in a trading zone of 5300-5600. Market will not transform into a trending zone. If it breaks down, it will be cash segment selling, fuelled by FIIs.
Thanks to market players who realises it. Currently, some favourable situation is shown. Reliance Industries trade nears its support of Rs 850. State Bank of India is now not showing breakdown in last few trading sessions. Capital goods are showing divergence in their chart. Pharma stocks are well positioned. Bharti Airtel is in upmove. Only thing required is Government's action to save investors, to alive India growth story. Growth with corrpution to be taken carefully.
Still it is an expectation and real situtation is to be watched out.