BRIEF MARKET FORECAST FOR WEDNESDAY, JANUARY 14, 2015
Markets saw a pretty volatile session yesterday as it swung once again in either direction while it ended the day with minor losses. Expect the Markets to open on a flat to mildly positive note and look for directions. The levels of 50-DMA shall continue to act as resistance today as well and it would be imperative for the Markets to move past this level in order to continue with its up move.
The RSI on Daily Charts stands neutral at 51.5867 and the Daily MACD continues to remain bullish trading above its signal line. The levels of 8341.50, which is the 50-DMA will continue to act as resistance today as well.
Overall, the Markets are consolidating in a ranged manner and the overall trend seems intact going by the pattern analysis. It is advised to refrain from shorts and some selective purchases may be made as stock specific action and sectoral out performance would continue.