Today was quite an interesting day in the market - just like the past 10 odd sessions after the intermediate top.
Long Term view (6 months+) - bearish. Needs to break above 5250 and sustain above it for this to change.
Intermediate Term view (1 month) - bearish. Needs to break 4930 for this to change. Or it needs to consolidate in a tight range for few weeks. 4450-4500 support is the last hope here.
Short Term view (1 week) - neutral to mildly bullish. Today's action (5th June) has changed this from neutral to mildly bullish - primarily because we are in oversold region and with everyone talking of market reaching lower levels. Also the big players need to sell off their stuff - and for this they need to take the stocks up.
4550 nifty spot support.
View on Gold: Bullish.
Buy around 1200 levels or lower with 1165 as trading SL and 1090 as investing SL.
View on Oil: Neutral. The last run up was parabolic and toppy in nature. If it consolidates for a few days in a range, it might resume its upward journey again. Downside likely to be until $120 only.
View on Interest Rates: Definitely UP for India. With rate of inflation hovering in 8-10% range, RBI will have to hike the rates sooner than later. Just keeping them at the current value may not prove to be enough.
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