Stay light and avoid creating aggressive longs
“After an extended weekend, our markets kicked off new trading week on a cheerful note, owing to favorable cues from the global peers. However, post the opening, the index came off a bit within a blink of an eye and then slipped into a consolidation mode for the remaining part of the day. Eventually, the index closed tad above the 9850 mark by adding 0.72% to its previous close.
If we exclude today’s opening, overall it was a dull session for our market and somehow it’s evident one day ahead of the RBI monetary policy. Irrespective of outcome from the event, out recent cautious stance on the market remains intact and we see strong hurdle in the vicinity of 9890 – 9920. On the flipside, we would see index retesting 9775 – 9685levels in days to come. But, if we increase the time window a bit, the possibility testing lower levels is on cards now. Traders are advised to stay light and avoid taking undue risks.”