The market has shown amazing resilience in the face of falling rupee. Now there can be 2 sides to this - either it is a lull before the storm where the predators are alluring the crowd to get into the sinking ship or this shows that the worst in short term is already factored in.
As far as we are concerned the analysis of 15th June stands unchanged. The market even at the end of this week is at a very critical juncture where 5200 needs to be tested as the resistance. MACD looks good. Moving averages have just shown an upward inclination however there has been no positive crossovers.
On the very short term charts 2 levels look interesting - 5100 and 5040 where the bottom pivots are placed. As of now the game strategy is to wait and watch - 5040 on the downside and 5200 on the upside. We will put in place any strategy only if we see any movements near these levels.
As far as we are concerned the analysis of 15th June stands unchanged. The market even at the end of this week is at a very critical juncture where 5200 needs to be tested as the resistance. MACD looks good. Moving averages have just shown an upward inclination however there has been no positive crossovers.
On the very short term charts 2 levels look interesting - 5100 and 5040 where the bottom pivots are placed. As of now the game strategy is to wait and watch - 5040 on the downside and 5200 on the upside. We will put in place any strategy only if we see any movements near these levels.
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