Wednesday, December 12, 2012

Daily Market Trend Guide -- Wednesday, December 12, 2012

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.
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BRIEF MARKET FORECAST FOR THE DAY

The Markets showed heavy resistance near its resistance of 5950 levels as it came off from those levels. Today, expect a moderately positive opening again but at the same time, expect the Markets to continue with its corrective activities. The intraday trajectory would continue to be important to dictate the trend for today. The levels of 5945-5955 shall continue to act as major resistance for today also.

The lead indicators show first sign of weakness creeping in. The RSI--Relative Strength Index is 68.5145 and it is came below its overbought levels. This is a sell signal on the Daily Charts. The Markets may remain capped and volatile again, but chances of continuing some correction cannot be ruled out. While protecting profits on either side and avoiding fresh buys, cautious outlook is continued to be advised for today.

Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
 

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