Indian equity markets ended down though with the marginal loss as bears negated the positive global curs despite a positive bias and a gap up open. A red candlestick formed within the previous day range indicates a follow up selling pressure though with limited loss.
A stiff range of 10400 to 10480 indicates a tug of war between Bulls and bears. Despite a selling, pressure bulls managed to hold on 10400 as the line of control for Momentum to continue. A failed breach of 10500 for last few days is a line of control for bears.
In short-term immediate support is at 10400 and 10380 and breach of the same will take momentum to 10250. On upside 10500 on the closing basis will nullify correction in short-term to let the momentum of bulls ride to 10590.
We maintain cautious view and breach of these levels to provide us a momentum in coming days.
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