The markets closed up approx 1 pc to just below 11760. Let us look at the factors moving the markets.
1. The corporate results coming in are good. Heavyweights like Infy, TCS and HDFC Bank have posted good results. This is supporting the markets.
2. The FII flows in anticipation of Modi winning are robust. This is helping the markets move up.
3. The markets are now very close to the psychological level of 12000. Markets tend to correct from such milestones like they corrected last year from 11172.
4. Technically, on the weekly scale the RSI has scaled almost reached a reading of 70 which usually triggers some correction.
5. Right now, till May 23 I expect the markets to maintain a range of 11500-12000.
6. The monsoons have been predicted to be normal by IMD. Skymet has predicted below nrmal monsoons.
Overall a dull period for the markets, waiting for the outcome of election results. The markets seem to be factoring in all the good news. Any disappointment on the election or monsoon front will lead to correction.
1. The corporate results coming in are good. Heavyweights like Infy, TCS and HDFC Bank have posted good results. This is supporting the markets.
2. The FII flows in anticipation of Modi winning are robust. This is helping the markets move up.
3. The markets are now very close to the psychological level of 12000. Markets tend to correct from such milestones like they corrected last year from 11172.
4. Technically, on the weekly scale the RSI has scaled almost reached a reading of 70 which usually triggers some correction.
5. Right now, till May 23 I expect the markets to maintain a range of 11500-12000.
6. The monsoons have been predicted to be normal by IMD. Skymet has predicted below nrmal monsoons.
Overall a dull period for the markets, waiting for the outcome of election results. The markets seem to be factoring in all the good news. Any disappointment on the election or monsoon front will lead to correction.
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