Monday, February 24, 2014

Daily Market Trend Guide -- Monday, February 24, 2014

We have not been able to come out with Daily Market Trend Guide in regular PDF Format. We have reproduced the section "Market Trend for Today" in text format below. Inconvenience is sincerely regretted.
 
MARKET TREND FOR TODAY
The Markets had a buoyant session
on Friday as it reversed all of its its losses and more and ended the day with decent gains making yet another attempt to move past its immediate resistance levels of 100-DMA. Today, expect the Markets to open on a modestly positive note and continue with its up move, at least in the initial session. The Markets might see yet another day of consolidation with the Markets trading in a capped range with positive bias.

For today, the levels of 6180 and 6245 would act as immediate resistance levels for the Markets. The levels of 6120 and 6090 would act as immediate supports.

The RSI--Relative Strength Index on the Daily Chart is 53.35 and it is neutral as it shows no bullish or bearish divergence or any kind of failure swing. The Daily MACD continues to remain bullish as it trades above its signal line.

On the derivative front, NIFTY February futures have shed over 9.01 lakhs shares or 6.06% in Open Interest and March futures have added over 8.81 lakh shares or 30.64% in Open Interest. This shows rollover have begun and the Markets have been witnessing long rollovers.

The Markets have closed near its 100-DMA again and today it is likely to open a notch above it. It would be critically important for the Markets to maintain levels above of 100-DMA and not to breach it below at Close levels. Overall, in case of some more consolidation, we might see some more range bound and capped trade but the overall trend continues to remain bullish as the under current remains strong. While protecting profits at higher levels, cautious optimism is advised for today.


Milan Vaishnav,

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.