Due 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 version of "Market Trend For Today". Inconvenience caused is
seriously regretted.
-------------------------------------------------------------------------------------------------------------------------------------------------------
MARKET TREND FOR TODAY
Today's session is again likely to see a flat opening like yesterday and the behavioral trend of the Markets is likely to remain similar that of yesterday. We are again to set to see a listless session, baring the fact the Markets may react in little volatile manner to the July Inflation numbers set to come in today. Otherwise, the consolidation is likely to continue.
The levels of 5377 continues to remain a immediate top for the Markets followed by a major resistance of 5398/5400 levels. The supports come in at 5310 and 5265 levels.
The RSI--Relative Strength Index on the Daily Chart is 63.5351 and it has reached its highest value in last 14-days which is bullish. But it does not show any positive / negative divergence either. The Daily MACD continues to trade above its signal line.
If we go by the pattern analysis, the Markets are not likely to see a run-away rise, as mentioned in our yesterday's edition of the Daily Market Trend Guide. Given the fact that it has a immediate top at 5377 and a major pattern resistance at 5398/5400 sustainable up move shall occur only above those levels.
All and all, until these levels are breached, Markets are likely to see a listless sessions and may remain range bound with intermittent bouts of either short covering or profit taking with overall downward bias. It is continued to be advised to remain highly stock specific, and avoid highly aggressive positions on either side until the Markets move out of these patterns. Overall, cautious day ahead for the Markets.
Milan Vaishnav,Today's session is again likely to see a flat opening like yesterday and the behavioral trend of the Markets is likely to remain similar that of yesterday. We are again to set to see a listless session, baring the fact the Markets may react in little volatile manner to the July Inflation numbers set to come in today. Otherwise, the consolidation is likely to continue.
The levels of 5377 continues to remain a immediate top for the Markets followed by a major resistance of 5398/5400 levels. The supports come in at 5310 and 5265 levels.
The RSI--Relative Strength Index on the Daily Chart is 63.5351 and it has reached its highest value in last 14-days which is bullish. But it does not show any positive / negative divergence either. The Daily MACD continues to trade above its signal line.
If we go by the pattern analysis, the Markets are not likely to see a run-away rise, as mentioned in our yesterday's edition of the Daily Market Trend Guide. Given the fact that it has a immediate top at 5377 and a major pattern resistance at 5398/5400 sustainable up move shall occur only above those levels.
All and all, until these levels are breached, Markets are likely to see a listless sessions and may remain range bound with intermittent bouts of either short covering or profit taking with overall downward bias. It is continued to be advised to remain highly stock specific, and avoid highly aggressive positions on either side until the Markets move out of these patterns. Overall, cautious day ahead for the Markets.
Consulting Technical Analyst,
+91-98250-16331
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.