V K Sharma, analyst, Anagram Stock Broking, said we are heading into a bearish market. “If we look purely at the yesterday’s charts, which doesn’t take into account the closer of S&P 500 at an all-time high and Asian markets today, then it’s a bearish market that we are heading into. The market would definitely do a reversal today and open sharply higher,” he added. Sharma feels that the closure of the day in which the settlement ends is only for history and the current month. “A good close today doesn’t mean that the market is headed for a new bullish heights and a fall doesn’t mean that the next month is bad,” he explained. He believes the markets are heading into a correction in June. “We would look at utilizing any opportunity that comes to lighten commitments rather than going long. We are merely exporting the current months problems into June and the areas in which the open interest has actually been built are the weak areas and where the rollover is high,” Sharma added.
Source: Moneycontrol.com
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