We have not been able to publish Daily Market Trend Guide in regular
PDF Format today. Brief Market Forecast for the Daily is reproduced
below. Inconvenience caused is sincerely regretted.
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BRIEF MARKET FORECAST FOR THE DAY
Today's analysis would remain on similar lines that of yesterday. The Markets are expected to open modestly lower and are likely to continue to witness the corrective activities. The levels of 7574 and 7610 would act as resistance and the levels of 7475 and 7420 would act as immediate supports. The RSI remains neutral and the MACD has reported a negative crossover and trades below its signal line which is bearish. Markets are also likely to react to the worse than expected WPI and Core Inflation data.
Given the above and going by the pattern analysis, it is best advised to continue to refrain from making fresh purchases. Stock specific action is also likely as some sectoral out performance would be seen. While continuing to remain light on positions, continuance of cautious outlook is advised for today.
Milan Vaishnav,
Consulting Technical
Analyst,
+91-98250-16331
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