MARKET TREND FOR TODAY
The Markets showed remarkable recovery after opening quiet and continuing to consolidate in the first half of the session as it recovered and went on to close near the high point of the day and in the process formed a higher top and slightly lower bottom on the Daily High Low charts.
Today, again we may again see a subdued opening after over 125-odd point pullback from the day’s low and the Markets may again consolidate in the initial session.
Thus, we can fairly expect the Markets again to open on a flat to mildly negative and quiet note and look for directions and would grossly depend upon the intraday trajectory in the initial session to decide the trend for today.
Milan Vaishnav,
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
The Markets showed remarkable recovery after opening quiet and continuing to consolidate in the first half of the session as it recovered and went on to close near the high point of the day and in the process formed a higher top and slightly lower bottom on the Daily High Low charts.
Yesterday was an expiry day wherein we saw good amount of rollovers in both NIFTY and Stock futures as over 65% NIFTY and 68% market wide rollovers were reported.
Today, again we may again see a subdued opening after over 125-odd point pullback from the day’s low and the Markets may again consolidate in the initial session.
Thus, we can fairly expect the Markets again to open on a flat to mildly negative and quiet note and look for directions and would grossly depend upon the intraday trajectory in the initial session to decide the trend for today.
For today, the levels of 5048 and 5085 are likely to act as resistance and the levels of 4980 and 4965 are expected to act as supports. The RSI—Relative Strength Index on the Daily Chart is 49.2131 and is neutral as it shows no negative divergence or a failure swing.
The MACD has shown a positive crossover as it now trades above its signal line and this is BULLISH.
Having said this, the Markets are likely to open on a mildly negative and quiet note but likely to decouple later and improve as the session progresses and we may see the Markets continue its pullback like yesterday. The Markets, after taking support in the range of 4720-60 twice, continues to trade in a broad trading range with immediate top at 5140-5170 levels.
All and all, quiet start expected but chances of improvement are seen later. The Markets may continue to trade in a capped range and bit volatile in the initial trade. As like yesterday, stock specific purchases may be made while avoiding shorts. Positive caution is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
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