MARKET TREND FOR TODAY
The Markets consolidated in yesterday’s session on expected lines and ended the day moving in a capped range with moderate losses. However, the Markets have formed a higher top and higher bottom on the Daily High Lox Charts.
For today, expect the Markets to continue to consolidate. The Markets are expected again to open on a mildly negative note and would again continue to look for directions depending very much on the intraday trajectory that it forms.
Milan Vaishnav,
Consulting Technical Analyst,
www.MyMoneyPlant.co.in
+91-9825016331
milanvaishnav@mymoneyplant.co.in
milanvaishnav@yahoo.com
The Markets consolidated in yesterday’s session on expected lines and ended the day moving in a capped range with moderate losses. However, the Markets have formed a higher top and higher bottom on the Daily High Lox Charts.
For today, expect the Markets to continue to consolidate. The Markets are expected again to open on a mildly negative note and would again continue to look for directions depending very much on the intraday trajectory that it forms.
Today, we enter into expiry day of the current derivative series and thus, we may continue to see the session remain dominated with rollover centric activities. Today, with the Markets expected to open on a mildly negative note, the levels of 5006 an d 5145 shall act as resistance and the levels of 4905 and 4880 shall continue to act as supports.
The RSI—Relative Strength Index on the Daily Chart is 45.1641 and it remains neutral as it shows no negative divergence or failure swings.
The Daily MACD continues to remain bearish as it trades below its signal line.
The Markets showed a pullback of over 200-odd points from its day’s low on Monday before moderately consolidating yesterday. Today, it is expected to continue to do so. Also, the expiry shall keep the session dominated with rollover centric activities. The Stock and NIFTY Futures have shown net addition in Open Interest signifying creation of shorts and also some amount of long rollover in next series. The Market wide rollovers have remained around 59% as against 60% in the previous month, more or less remaining in line. The Markets shall continue to trade in a range today with some amount of volatility ingrained in it.
All and all, Markets shall have sustainable up move only above 5170 but do not show any triggers on the downside either. This keeps markets in a broad trading range with overall bias on the upside. While avoiding shorts and vigilantly protecting profits on higher levels, stock specific activity with cautious outlook 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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