Make or break at 5450 levels - IIFL

The market is hoping for the best even as investors are preparing for the worst. The run in recent times despite unfavourable factors are now being questioned. Nobody complained when the going was good. The Indian stocks, took a dive off the cliff on Friday as investors resorted to panic selling. The fear that the government was about to make it difficult for them to take money out of the Indian market.

The outlook is a weak start. The Nifty, which closed at 5,507.85, is about a per cent above its crucial support levels of 5,450. A make or break around this level can be anticipated. Investors may look at bottom fishing in select counters.

The market is likely to follow the usual suspects for cues in the absence of any major triggers; USD-INR movement, global cues and the monsoon session of parliament will be eyed. Focus would also be on the minutes of the Federal Open Market Committee meeting that is due to be out on Wednesday.

Source : Equity Bulls

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