BRIEF MARKET FORECAST FOR THE DAY, FRIDAY, NOVEMBER 14, 2014
The Markets corrected from higher levels on expected lines yesterday and continued with its consolidation. Today as well, the analysis continues to remain more or less on expected lines. The Markets may open modestly higher but would continue to resist on the upside while remaining in "overbought" territory. The intraday trajectory that the Markets forms post opening would remain crucial.
With the lead indicators remaining overbought the chances of Markets witnessing pressure from higher levels remains. With the levels of 8410 and 8435 continuing to act as resistance any up move should be continued to be utilized to protect profits at higher levels. While also continuing with very selective purchases, cautious approach is advised for today.