Equities were witnessing a choppy session with positive bias ahead of November series F&O expiry. Gains in auto and oil&gas space were offset by losses in capital goods and technology stocks.
The index recovery has made a "hammer" candlestick pattern that suggests the low of 5825 will be defended strongly in the near term by the bulls. We expect the market to consolidate in the range of 6000-5825 in the remaining part of the week with a positive bias. However, the medium term trend has turned in favor of bears which will cap the rallies.
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