Sunday, April 24, 2016

Good results from Infosys and Reliance

The full year result are off to a good start with two bell weathers announcing very good results. The market has now reached a very solid resistance zone and will need some very good piece of news for further rise.

1. The Results season has started off in full swing and the results are very good till now. Results season and Parliament in session means the market moves are in a very narrow band.

2. The FIIs continue to buy but their volume of buying has dramatically reduced. Till date in April they have bought 2000 crores worth of stock whereas they bought 26000 crores in entire March.

3. The Global cues are neutral at the moment. The next big triggers are still some time away. THe UK vote whether to stay in the EU is in June, election results for the assembly elections are still 1 month away and the progress of the monsoons still 45 days away.

4. The Parliament is in session the next week onward and expect the Opposition to block the proceedings over the dismissal of the Uttarakhand Government.

5. Technically 7950-8000 are strong resistances. Logically, the markets should correct to the 7250-7500 band before making attempts for further up moves.

All in all, a dull time for the markets. It is a good thing to book profits for those who bought stocks at lower levels.

Markets always give a chance to buy stocks.

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