WEEK 2ND MAY TO 6TH MAY

Markets are range bound between around 5700-5900 for sometime now...Once again it moved southwards to test the base..Any break of 5700 zone could give a quick DIP....Hoding this zone would take us back to 5900 or above zone..break above this zone will give a sharp RISE ..FII funds are lacking this last month and generally they have been selling on every rise..The S/R of this week is 5800 zone..Capital goods/IT stocks have corrected well also the Banking on further dip look good for mid term buy.Bias should be up on further dips if any..Trade accordingly. cheers.