Tuesday, May 12, 2015

Brief Market Forecast for the Day -- Tuesday, May 12, 2015

BRIEF MARKET FORECAST FOR THE DAY -- TUESDAY, MAY 12, 2015

The Markets continued with its heavy bout of short covering yesterday as well and ended the day with decent gains. Today, though the Markets have closed a notch above its 200-DMA, expect the Markets to open on a flat note and look for directions. There are chances that the Markets may consolidate in a range bound manner while reacting to the CPI data coming in later. If some minor downsides are seen, it should not be surprising while the levels of 200-DMA is likely to act as support.

Overall, the Markets have seen upsides due to spate of short covering. For the Markets to go higher, it would need to see fresh buying taking place. However, until this happens, we cannot rule out the possibility of the Markets consolidating a bit. However, suspension of MAT notices will certainly aid the sentiments. Until the Markets confirms the reversal, continuance of caution with protection of profits at higher levels is advised.
 
Milan Vaishnav,
Consulting Technical Analyst,
Af. Member: Market Technicians Association (MTA), USA
Af. Member:
Association of Technical Market Analysts, INDIA


www.MyMoneyPlant.co.in
+91-98250-16331

No comments:

Post a Comment

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