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Markets remain range bound

Markets last week traded lower in the midst of geo – political concern in Iran and no clarity on US and China trade barriers and Budget worries, hence the market closed lower for the week by almost 0.5%. There was across the board selling in all the sectors and it was a pathetic close on Friday. It appears until budget on July 5, market would remain in a broader range between 11400 to 12000, unless there is an improvement in the global issues and forth coming budget we would have to see whether markets surge higher, however if budget prove to be lacklustre and there are no major policy decision on the economy, markets would see a sharp decline. Investors are once again suggested to remain at least 20-30% in cash to be deployed post budget.

Technical–Technically markets are crucially poised within a range. If a break out above 12000 happens, market will witness a sharp rally towards 12600 – 12800 levels and initially if markets break down 10600 and closes below this level, it would test 10400. Below this there would be catastrophe and market could see sub 11000 levels. In the best case scenario, it appears, until budget the market would remain in a range. Short term range is between 10600 – 10900 and the Intermediate (Medium Term) or the Broader range would be 10400 – 12000.  

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