From the moves durng the day what is evident is that there is a fair deal of directionless in the market. This is not to say the southwards direction is not pronounced.
What I mean is, the majors are coming out with great numbers, the frontliners in both the mid and largecap segment are there for the picking at levels normally not associated with these in a bullrun and there is buying support at lower levels. Yet, the market can't seem to decide if this is enough for correction, and get on with it. All of yesterday the index moved in a broadish range with a choppy disposition.
What is also evident from the end moves yesterday is that there is going to be active buying in the majors on the back of, or in anticipation of good results.
However in the present scenario the main players are going to be trend chasers who are in today and gone tomorrow. Those who have triggered stop loss marks, whether position players or long term investors, would hesitate to go in with so much uncertainty around. The obvious outcome of this is fluctuation or choppiness, as the trend chasers grab this or that trend now, and then dump it, and move on to some other trend play. This really is their market.
And this action will prevail till further critical supports are broken and the market clearly begins to bottom out, or the index moves up decisively to breach important levels for the uptrend to be rediscovered.
Caution continues to be the rule, and any upside is to be used for reducing positions, whether profiting ones or trapped.
For the levels, 2453, 2465 and 2477 are the important historical supports. In the present round, only 2453 alone remains untested and should therefore hold the key to the down. On the other hand, if tested and bounced off, it may yet again prove to be a launching pad.
2503 has been a great launching pad in the past too. For improved sentiment it is vital to break past this level for today or in the days to come. Past this, the next historical level is 2520.
Interestingly, both these exact levels are also the pivot resistances for today.
What I mean is, the majors are coming out with great numbers, the frontliners in both the mid and largecap segment are there for the picking at levels normally not associated with these in a bullrun and there is buying support at lower levels. Yet, the market can't seem to decide if this is enough for correction, and get on with it. All of yesterday the index moved in a broadish range with a choppy disposition.
What is also evident from the end moves yesterday is that there is going to be active buying in the majors on the back of, or in anticipation of good results.
However in the present scenario the main players are going to be trend chasers who are in today and gone tomorrow. Those who have triggered stop loss marks, whether position players or long term investors, would hesitate to go in with so much uncertainty around. The obvious outcome of this is fluctuation or choppiness, as the trend chasers grab this or that trend now, and then dump it, and move on to some other trend play. This really is their market.
And this action will prevail till further critical supports are broken and the market clearly begins to bottom out, or the index moves up decisively to breach important levels for the uptrend to be rediscovered.
Caution continues to be the rule, and any upside is to be used for reducing positions, whether profiting ones or trapped.
For the levels, 2453, 2465 and 2477 are the important historical supports. In the present round, only 2453 alone remains untested and should therefore hold the key to the down. On the other hand, if tested and bounced off, it may yet again prove to be a launching pad.
2503 has been a great launching pad in the past too. For improved sentiment it is vital to break past this level for today or in the days to come. Past this, the next historical level is 2520.
Interestingly, both these exact levels are also the pivot resistances for today.