Market has been trying its best to hold 5600. As long as the supports 5580 and 5600 are held, market may have some upward momentum. Once it breaks this support, market can see continued sell off.
But if market starts trading positively and crosses 5660, then the downward trend will stop and you can see upward momentum.
These levels are important and it will indicate the confidence of the market on bills getting passed in the parliament session. As you know, market move in the direction of least resistance and right now it is more on the sell side only.
But for any medium term investor or long term investor, these are quite good levels to buy since the downward risk is around 100-150 points, where as upward potential is 300-400 points.
So understand what kind of trader you are and take positions accordingly.
But if market starts trading positively and crosses 5660, then the downward trend will stop and you can see upward momentum.
These levels are important and it will indicate the confidence of the market on bills getting passed in the parliament session. As you know, market move in the direction of least resistance and right now it is more on the sell side only.
But for any medium term investor or long term investor, these are quite good levels to buy since the downward risk is around 100-150 points, where as upward potential is 300-400 points.
So understand what kind of trader you are and take positions accordingly.
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