Yesterday, indices opened on a muted note considering quiet mood across the globe. During the initial hour, indices moved higher but failed to cross Monday's high. Post the announcement of IIP data indices trimmed their early gains and eventually closed well inside the negative territory. During the day, FMCG and Auto counters ended with marginal gains whereas Consumer Durables, power and Realty sector closed in the negative territory. The advance to decline ratio was in favor of declining counters.
Trading strategy: Initially indices moved marginally higher; but strong selling pressure near day's high pulled indices lower to break Monday's low of 19603 / 5930. This resulted in confirmation of bearish implication of narrow range body formation mentioned in our earlier report. As expected, we witnessed a corrective move to test 19498 / 5900. Going forward, we are of the opinion that if indices sustain below yesterday's low of 19505/5893, then we may witness continuation of corrective move seen during yesterday's session. In this scenario, indices may slide towards 19430-19322/5880-5837 levels. On the upside, 19754/5971 level is likely to act as an important resistance for the day.
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Below 19505 Sensex may slip further: Angel Broking
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