Hello,
The big question for today is - are we finally going to see the breakout of the range - a breakout which seems is long awaited since we now are at the threshold of breaking the 5475 and hopefully there after the 5500 level. Markets have been playing Cat and Mouse for too long a period and while its still early to say good bye to the current range, chances are higher that this time we may see the breakout happening.
Yesterday we had a unlikely sector that propped the market up - Information Technology. BSE IT Index has now joined the club of Indices that have broken their All time high's. The others in the club being BSE Auto,BSE Health & BSE FMCG Indices. The only two heavyweight indices that are yet to join are the Metal Index & the Banking Index. A move by these should realistically propel the Index towards it all time high.
For today, keep a eye on 5475. Once we start trading above it, that should act as a good support range for the time being. Resistances above it are at 5545 and 5610.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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