Markets opened marginally higher tracking firm Asian cues, but immediately turned negative, few minuters after opening as investors turned jittery over earnings growth concerns as State Bank of India posted losses for the second consecutive day after 99% slump in Q4 earnings.
Yesterday markets broke bear flag pattern and touched a low of 5420 on high volumes. Index may now drop to 5370-5350 support or it may also attempt to re-test the ‘bear flag’ pattern at 5480 which should be used to add short positions. On the upside, 5550 will act as a reversal point of the negative outlook.
Yesterday markets broke bear flag pattern and touched a low of 5420 on high volumes. Index may now drop to 5370-5350 support or it may also attempt to re-test the ‘bear flag’ pattern at 5480 which should be used to add short positions. On the upside, 5550 will act as a reversal point of the negative outlook.
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