The market is looking quite strong on the basis of supports that it is able to maintain despite of so much bad news coming and as it is unable to go down a lot from here. Yes, the markets are unable to go down on any kind of a bad news. It looks as if it is facing it’s back to the wall. The downside for the markets from here seems quite limited. At lower levels you are seeing decent amount of buying coming in. This buying is not happening from the retail investors but surely the smarter guys are picking up at lower levels. I do not see the market going down much more from here.
The market is completely negatively correlated to oil. Oil is still a dark horse. One would never know when it would cross USD 150 per barrel. But if oil starts coming down, then may be we will see a market that gives us more positive returns. As of now, it is a complete trading market. I would prefer to remain invested. If any dip comes in the market, I would prefer to buy any one of the market leaders, other than reality and banks.
I do not expect the market to go up so fast. Also, we have a market that can give us a substantial bounce back. Some foreign broker analysts have predicted that oil is likely to be USD 150 on July 4. If that happens then, the markets will not be able to take any positive note from there. I am of the opinion that the market will definitely be on a uptrend towards the end of June and perhaps till the middle of July.