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to a technical glitch, we have not able to publish your copy of Daily
Market Trend Guide in regular PDF Format. We are reproducing the text
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regretted.
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MARKET TREND FOR TODAY
Expect
the
Markets to open today on a mildly negative note and look for
directions. Primarily speaking, the onset of corrective activity that
begun yesterday after the Markets came off its highs is likely
to continue and the intraday trajectory would guide the consolidation
activities.
The levels of 5368 an 5390 will continue to act as resistance and the supports are expected to come in at 5305 and 5170 levels.
The RSI--Relative Strength Index on the Daily Chart is 61.49 and it shows no negative divergence or
failure swing. The Daily MACD continues to trade above its signal line.
Having
said this, with reference to the yesterday's session, the Markets have
formed a marginally lower top and lower bottom on the Daily High Low
Charts. This has made the levels of 5378, a temporary top for the
Markets. Any sustainable fresh up move shall occur only after the
Markets moves past these levels. Until then, corrective / consolidation
activities shall continue.
The
Markets are also likely to continue to give some negative reaction to
the dismal June IIP numbers which were negative. Overall weaker
technials shall aggravate the reaction.
All
and all, the session is likely to remain volatile today, like it has
been in previous session and consolidation / minor correction is likely
to continue. It is continued to be advised to refrain from aggressive
longs and maintain liquidity. Fresh positions may be taken, but on
highly selective basis. The
intermittent bouts of profit taking may be seen. Overall, continuance
of cautious outlook is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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