Markets opened up with a gap but were unable to sustain the opening gains as selling dominated the trading session which dragged the index to close in red. On the sectoral front Capital Goods, Auto and Metal dragged down the index whereas Realty, Power and Oil & Gas ended with marginal gains. The advance decline ratio was in favour of declining counters (Advances = 1028/ Declines=1884).
Future Outlook: The current price action on the daily chart suggests prices are heading towards the demand zone of 5500 – 5550 levels. Further, I'm observing that the curve of the 200-day is still rising inspite of fall in the prices. Hence I ve opinion that 5500- 5600 zone is crucial support zone and a bounce cannot be ruled out. On the upside 5700 – 5750 may act as support for the day.
Future Outlook: The current price action on the daily chart suggests prices are heading towards the demand zone of 5500 – 5550 levels. Further, I'm observing that the curve of the 200-day is still rising inspite of fall in the prices. Hence I ve opinion that 5500- 5600 zone is crucial support zone and a bounce cannot be ruled out. On the upside 5700 – 5750 may act as support for the day.
