Indian markets consolidated nicely yesterday and technically well prepared for continuation of Pull Back rally but sentiment is depressed in Indian markets today morning due to following negative news which is involving Central Govt. and RIL:-
CAG asks govt to review 10 contracts
RIL is always trend decider for Indian markets and above news is involving Union Govt. also therefore it may hamper sentiment today. Indian markets are trading between resistance range of 5120-5220 and consolidation as well as follow up buying is must for fresh up moves after above negative news.
Asian markets are positively reacting Obama package and strong. Dow's Futures is also more than 70 points up since morning today but Indian markets will react CAG report also. Following levels break out should be watched first for next moves confirmations in the light of mixed sentiments in Indian markets:-
1- 5140-5170(First indication)
2- 5120-5220(Confirmation)
Above mentioned ranges break out will decide the depth and gravity of above news and will give decisive direction to Indian markets.
CAG asks govt to review 10 contracts
RIL is always trend decider for Indian markets and above news is involving Union Govt. also therefore it may hamper sentiment today. Indian markets are trading between resistance range of 5120-5220 and consolidation as well as follow up buying is must for fresh up moves after above negative news.
Asian markets are positively reacting Obama package and strong. Dow's Futures is also more than 70 points up since morning today but Indian markets will react CAG report also. Following levels break out should be watched first for next moves confirmations in the light of mixed sentiments in Indian markets:-
1- 5140-5170(First indication)
2- 5120-5220(Confirmation)
Above mentioned ranges break out will decide the depth and gravity of above news and will give decisive direction to Indian markets.