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MARKET TREND FOR TODAY
The Markets saw a range bound consolidation yesterday as it saw a minor profit taking yesterday as it it ended the day at 6332.85, posting a net loss of 31.05 points or 0.49% while forming a higher to and higher bottom on the Daily Charts.
Today, expect the Markwts to once again open on a mildly lower note and look for directions. There are chances that we see lower opening today but it woukd be consolidation on a broader note and there are chances of Markwts improving as we go ahead in the session.
Today, the levels of 6350 and 6385 would act as resistance and the levels of 6290 and 6255 would act as immediate supports.
All lead indicators continue to remain in place. The RSI - Relative Strength Index on the Daily Charts is 62.34 and it is neutral as it shows no bullish or bearish divergence or failure swings. The Daily MACD continues ti remain bullish as it trades above its signal line.
On the derivative front, NIFTY December futures have added 4.83 lakh shares or 1.87% in open interest. This signifies that there has been some creation of short positions in the Markets.
Overall, the Markets are just seeing a range bound consolidation and there is no structural breach on the Chars. The Markets may see some ranged movement but overall consolidation of these Markets remains with upward bias. Given this readin, shorts should be strictly avoided. While protecting profits at higher levels, selective purchases can be made. Overall cautious optimism is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
MyMoneyPlant.co.in
MARKET TREND FOR TODAY
The Markets saw a range bound consolidation yesterday as it saw a minor profit taking yesterday as it it ended the day at 6332.85, posting a net loss of 31.05 points or 0.49% while forming a higher to and higher bottom on the Daily Charts.
Today, expect the Markwts to once again open on a mildly lower note and look for directions. There are chances that we see lower opening today but it woukd be consolidation on a broader note and there are chances of Markwts improving as we go ahead in the session.
Today, the levels of 6350 and 6385 would act as resistance and the levels of 6290 and 6255 would act as immediate supports.
All lead indicators continue to remain in place. The RSI - Relative Strength Index on the Daily Charts is 62.34 and it is neutral as it shows no bullish or bearish divergence or failure swings. The Daily MACD continues ti remain bullish as it trades above its signal line.
On the derivative front, NIFTY December futures have added 4.83 lakh shares or 1.87% in open interest. This signifies that there has been some creation of short positions in the Markets.
Overall, the Markets are just seeing a range bound consolidation and there is no structural breach on the Chars. The Markets may see some ranged movement but overall consolidation of these Markets remains with upward bias. Given this readin, shorts should be strictly avoided. While protecting profits at higher levels, selective purchases can be made. Overall cautious optimism is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
MyMoneyPlant.co.in
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