Due
to technical glitch, we have not been able to publish your copy of Daily
Market Trend Guide in regular PDF Format.However, we are reproducing
the same in as a brief forecast. Inconvenience caused is sincerely
regretted.
The
Markets are expected to open on a moderately positive note again, but
it needs to be noted that it remains extremely "OVERBOUGHT". The opening
and the behavior of the Markets would be critical and it would be
important to see if sustains above the levels of 5930-5950 levels which
continues to be the key resistance.
We strongly recommend to stay away from aggressive buying as even if the Markets attempt to break out on the upside, it is "OVERBOUGHT" and such rise would not be healthy without a correction, which stands overdue and imminent. There are bright chances that we may see the Markets paring gains after a positive opening. Any upside would not sustain with such "OVERBOUGHT" lead indicators. While avoiding any fresh buys, ultra caution is advised for today.
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BRIEF MARKET FORECAST FOR THE DAY
We strongly recommend to stay away from aggressive buying as even if the Markets attempt to break out on the upside, it is "OVERBOUGHT" and such rise would not be healthy without a correction, which stands overdue and imminent. There are bright chances that we may see the Markets paring gains after a positive opening. Any upside would not sustain with such "OVERBOUGHT" lead indicators. While avoiding any fresh buys, ultra caution is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
