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MARKET TREND FOR TODAY

The Markets consolidated yesterday as it spent the session in a very narrow 20-odd point rande and ended the day with moderate gains. As mentioned in our yesterday`s edition of Daily Market Trend Gude, some amount of consolidation, or even mild correction cannot be ruled out after over 230 points rise.

Today, expect the Markets to open on a flat to modestly negative note and consolidate. Today's analysis remains ,ore or less on similar lines that of yesterday and therefore consolidation is expected in the Markets. Intraday trajectory wouod critical to today's trend.

For today, the levels of 6230 and 6255 would continue to act as immediate resistance and the levels of 6145 and 6110 are immediate supports.

The RSI-Relative Strength Index on the Daily Charts is 57.08 and it continues to remail neutral as it shiws no bullish or bearish divergences or any kind of failure swings. tje Daily MACD remains bearish as it trades below its signal line.

On the derivative front, NIFTY November futures have added over 2.05 or 1.17% in open interest. Thid input is very important as it shiws some fresh positions being built up again after continuous shedding of OI that was reported in previous sessions.

Overall, we might see a modestly negative opening in the Markets but there are bright chances that the Markets onky consolidates and sees no major down trend. The defensives woukd continue to outperform and therefore selective purchases may be made. Overall, positive outlook with mild caution is advised for today.

Milan Vaishnav,
Consulting Technical Analyst,
MyMoneyPlant.co.in