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MARKET TREND FOR TODAY
The Markets have ended absolutely flat yesterday with taking support near its 200-DMA in the opening minutes of the trade. Today's analysis remain more or less similar again as the Markets are likely to open on a flat note and look for directions. The Markets will have to maintain levels above its 200-DMA in order to continue with its consolidation. Any breach below this will make the Markets weaker.
For today, the levels of 5910 and 5940 are immediate resistance on the Charts. The supports exist at 5841 which is the 200-DMA and then at 5800-5820 range.
The RSI--Relative Strength Index on the Daily Chart is 56.5882 and it is neutral as it shows no bullish or bearish divergence or any failure swings. The Daily MACD continues to trade above its signal line.
On the derivative front, no major shedding / addition of open interest was seen. The rollovers continued as we a re in the expiry week.
Going by the pattern analysis, the Markets are likely to consolidate with a downward bias. The Markets will have to maintain levels above its 200-DMA and any breach of this level would make the Markets weaker. The levels of 6130 have become a immediate top for the Markets and no sustainable up move would occur until the Markets moves past this level.
All and all, Markets are likely to remain in a consolidation phase and would remain in a trading range. As mentioned earlier, it will have to maintain levels above 200-DMA and any breach below this will make it weaker. We are into penultimate day of expiry and the session would remain dominated with rollover centric activities. As advised yesterday, while avoiding aggressive positions, selective buying may be done. Shorts should be avoided and cautious outlook on the Markets may be maintained.
Milan Vaishnav,
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MARKET TREND FOR TODAY
The Markets have ended absolutely flat yesterday with taking support near its 200-DMA in the opening minutes of the trade. Today's analysis remain more or less similar again as the Markets are likely to open on a flat note and look for directions. The Markets will have to maintain levels above its 200-DMA in order to continue with its consolidation. Any breach below this will make the Markets weaker.
For today, the levels of 5910 and 5940 are immediate resistance on the Charts. The supports exist at 5841 which is the 200-DMA and then at 5800-5820 range.
The RSI--Relative Strength Index on the Daily Chart is 56.5882 and it is neutral as it shows no bullish or bearish divergence or any failure swings. The Daily MACD continues to trade above its signal line.
On the derivative front, no major shedding / addition of open interest was seen. The rollovers continued as we a re in the expiry week.
Going by the pattern analysis, the Markets are likely to consolidate with a downward bias. The Markets will have to maintain levels above its 200-DMA and any breach of this level would make the Markets weaker. The levels of 6130 have become a immediate top for the Markets and no sustainable up move would occur until the Markets moves past this level.
All and all, Markets are likely to remain in a consolidation phase and would remain in a trading range. As mentioned earlier, it will have to maintain levels above 200-DMA and any breach below this will make it weaker. We are into penultimate day of expiry and the session would remain dominated with rollover centric activities. As advised yesterday, while avoiding aggressive positions, selective buying may be done. Shorts should be avoided and cautious outlook on the Markets may be maintained.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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