BRIEF MARKET FORECAST FOR THE DAY -- FRIDAY, OCTOBER 12, 2012
Expect
the Markets to open flat and look for directions with intraday
trajectory important to decide the trend for today. Heavy short-covering
was reported yesterday as Markets had shed in Net Open Interest. This signifies more
short covering and no addition in fresh longs.
This
can prove as a dead-cat-bounce with not and there are all chances that
Markets continue to correct. IIP Data would be crucial and the Markets
may react to it. The levels of 5725-5750 shall continue to remain
critical resistance levels. Retail investors are advised not to get
carried away by such technical bounce and exercise extreme caution while
taking fresh positions. Sustainable up move can occur only if the
Markets moves past previous top created few sessions back. Overall,
continuance of cautious outlook and avoiding aggressive positions is
advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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