MARKET TREND FOR TODAY
From this, we can fairly conclude that in absence of major triggers the levels of 5570-5605 shall continue to act as resistance and at the same time, low volumes signifies discomfort even at lower levels. Under such circumstances, the Markets usually remain volatile and in capped range. They are likely to break on the upper side only after it breaches the levels of 5600 significantly, and until this happens likely to remain range bound. Again, highly stock specific approach with cautious optimism is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
The Markets spent listless session yesterday trading on very low volumes and ended the day with modest losses and in the process formed a lower top and higher bottom on the Daily High Low Charts.
Today, again, it is going to be no different. The Markets will continue to show resilience and will continue to trade / consolidate in a very capped range with the levels mentioned hereinafter continuing to act as resistance.
For today, expect the Markets to open on a flat to mildly negative note and continue to look for directions depending heavily on the intraday trajectory that it forms and the volumes / participation which has constantly remained a concern in past couple of sessions. For today, the levels of 5570 and 5605 shall continue to act as resistance and the levels of 5515 and 5480 shall continue to act as supports.
The RSI—Relative Strength Index on the Daily Charts is 49.2782 and it shows no negative divergence or failure swings and is therefore neutral. The Daily MACD is bullish as it continues to trade above its signal line.
The F&O data suggests the FIIs adding Open Interest in NIFTY and Stock futures signifying creation of shorts and remaining nominal net buyers in Cash segment.
From this, we can fairly conclude that in absence of major triggers the levels of 5570-5605 shall continue to act as resistance and at the same time, low volumes signifies discomfort even at lower levels. Under such circumstances, the Markets usually remain volatile and in capped range. They are likely to break on the upper side only after it breaches the levels of 5600 significantly, and until this happens likely to remain range bound. Again, highly stock specific approach with cautious optimism is advised for today.
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
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