The session on Friday remained quiet and directionless as the Markets moved in no direction, traded in a very narrow range and ended the day with nominal losses and in the process have formed a lower top and higher bottom on the Daily High Low Charts.
The Markets are likely to start new week on a silent note and is likely to give flat to mildly negative opening today and look for directions.
The Markets are likely to open on a flat to mildly negative note and along with the intraday trajectory that it forms, the volumes too are likely to play critical role in deciding trend for today as well as for coming week.
For today, the levels of 5600 and 5635 are likely to act as resistance and the levels of 5570 and 5520 are likely to act as supports.
The RSI—Relative Strength Index on the Daily Chart is 52.1638 and is neutral as it shows no negative divergence or failure swings.
The Daily MACD, has expectedly turned bearish as it now trades below its signal line.
On the Weekly Charts, the RSI is 49.3091 and it is neutral as it shows no negative divergence or failure swings. The Weekly MACD trades above its signal line.
Going by the pattern analysis, the Markets have resistance at 5653-5670 levels in form of falling trend line drawn from 6335 levels on the Weekly Charts. On the Daily Charts too, it has a similar pattern resistance around 5700. Having said this, as mentioned often in our previous editions of Daily Market Trend Guide, the Markets shall attempt a trend reversal and a sustainable up move only after it moves past the levels of 5700. Until this happens, it is likely to trade in a capped range, and also bit volatile and with negative bias.
All and all, it is advised to continue with extremely cautious and stock specific approach while continuing to protect profits on either side vigilantly. Overall, cautious outlook is advised for today.
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
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