Indian Markets to continue technical bounce - Religare

On expiration day of F&O contract, index opened flat and slipped further southward towards 5600 level but sustained above that mark. As the day progressed, it started recovering gradually and tested 5690+ levels in last hour of the session.

In line with expectation, index majors traded mixed; while the move also remained quite erratic throughout the day. Finally, it gained more than half a percent with positive market breadth to conclude the week.

Among sectoral pivots, Metal and Capital goods gained maximum as they were up by more than two percent each; followed by Consumer durables, PSU and Bankex. Considering today's close, we might see technical bounce to continue in the near term with 5750-5800 mark would be crucial hurdle while 5550-5600 level will provide needed support in case of further decline.

Source : Equity Bulls

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