BRIEF MARKET FORECAST FOR THE DAY -- OCTOBER 08, 2012
Expect
the Markets to open on a flat to mildly negative note. Kindly note that
the Daily Charts show artificially intraday low due the the glitch in
the Cash segment. However, the lead indicators, which are calculated on
CLOSE price, indicate that
the markets continue to remain "OVERBOUGHT". Having said this, it is
likely that the Markets continue with their corrective activities. The
levels of 5750 have continued to become immediate top for the Markets
and no runaway rise is expected until then.
The
Markets may thus continue to consolidate and continue with the
correction even if minor bouts are seen. Overall movement shall remain
in a broad range. While avoiding fresh buys, selective and cautious
approach is advised for
today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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