BRIEF MARKET FORECAST FOR THE DAY
Expect the Markets to
open on a moderately positive note today. However, even with the
Retail FDI issue sailing through the Loksabha in the distasteful
manner, the Markets are still likely to remain in a range and
continue to resist to its key resistance levels of 5940-5950 levels.
The lead indicators
remain OVERBOUGHT. This overbought condition of the Markets
shall keep the Markets away from moving past 5940-5950 levels. Until
these levels are breached, sustainable up move shall not occur. In
the present OVERBOUGHT conditions, aggressive longs should be
avoided. Continuance of cautious outlook is advised. Chances of
Markets paring some gains cannot be ruled out
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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