Due to technical glitch, we have not been able to publish your copy of
Daily Market Trend Guide in regular PDF Format.However, we are
reproducing the same in as a brief forecast. Inconvenience caused is
sincerely regretted.
The
Markets have been severely consolidating in the "OVERBOUGHT" condition
and today would be no different. The Markets are expected to open on a
flat to mildly positive note and the levels of 5935-5950 shall continue
to act as major resistance to the Markets. The Markets are also
expected to remain volatile and in a capped range.
The lead indicators continue to remain in overbought condition. The RSI--Relative Strength Index on the Daily Chart is 70.3798 and is neutral and "overbought". The Daily MACD trades above its signal line and the Candles show chances of some weakness creeping in any moment. All and all, consolidation shall continue and it is strongly advised to avoid aggressive buying. Continuing cautious outlook while protecting profits is advised for today.
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BRIEF MARKET FORECAST FOR THE DAY
The lead indicators continue to remain in overbought condition. The RSI--Relative Strength Index on the Daily Chart is 70.3798 and is neutral and "overbought". The Daily MACD trades above its signal line and the Candles show chances of some weakness creeping in any moment. All and all, consolidation shall continue and it is strongly advised to avoid aggressive buying. Continuing cautious outlook while protecting profits is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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