BRIEF MARKET FORECAST FOR THE DAY -- October 23, 2012
Expect the Markets to open on a moderately
negative note. The Markets have continued to fiercely consolidate and
still continues to face resistance at the levels of 5810-5825. We enter the
penultimate day of expiry of current series (tomorrow being trading holiday) and
thus will see the session remaining dominated with rollover centric activities.
With no breakout in sight, the bias would remain downwards until the Markets
moves past the levels of 5810-5825 and sustains above that.
We may see range bound trade with volatility ingrained in it. No aggressive
longs are advised and cautious outlook is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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