Friday, October 12, 2012

Brief Market Forecast for the Day -- Friday, October 12, 2012

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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