Nifty has gone into a sideways range with a bullish bias about a fortnight now. After the hedge fund selling on the first week of October which shook the confidence on both investors as well as the traders, it will take another week or two to resume the upward journey. This week being a holiday packed week and expiry week, there will be big time activity in the markets, but will hold on to the 5750-5650 range. Confusion would prevail, after consolidation, the market is sure to take off into another rally.
The results that are coming in for the second quarter of 2012 is not very encouraging, earnings growth is seen to be declining in most of the front line stocks. Market needs strength in the form of earnings as well as estimates. The slew of results expected to be announced this week should set the tone for the next moves in the market.
As of Friday closing, there is bullish strength on the charts of Nifty as well as on the front line stocks, but with the Global markets going into a tailspin and Asian markets opening weak, it is likely that the market will go into a non-trade zone to begin the week. Traders stay away till there is clarity and good strength in the markets. Take the direction of the broad markets on your trades.
Happy trading, team BraViSa.
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