I firmly believe that none of the technical works in a Bear mark. Still I feel some Lines should never be crosses on SENSEX. And the number is 12,800. If this line is crossed there is a consensus views in the market that it will tumble to 10,800. But as we all know there are reasons behind every advances and decline. I believe the only reason why 12,800 will be crossed has nothing to do with the global factors. The Bears (If come soaring) will be ignited by domestic factors only. If on 22nd July there is a political turmoil these line will be surely crosses and we will witness a Bloodbath.
But in case, the “Congress Jugad” works, the markets would not be out of woods at least for a few months. We will surely see the 123 Agreement getting passed. And consequently a lot of Capital Goods and Power sector industry will soar to a new high. Market did a bounce back once Left was out of the government. We all understand that a lot of Reforms like Banking sector, Pension sector, Labor laws are likely to start. A lot of FDI caps are on the way.
Still I believe this is a very crucial time for SENSEX and some LINES shouldn’t be crossed at any point of time.
Any source
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