We have not been able to  publish today's edition of Daily Market Trend Guide in PDF Format. However, we are reproducing the  brief version below. Inconvenience is sincerely regretted.


The Markets grossly disappoint yesterday as it breached the 10-DMA as well as it pattern support and also went on to breach the levels of 5810 which were yet another support levels.

Technically speaking, the Markets have given a downward  breach and as such it is expected to remain sluggish in the immediate short term

For today, expect the Markets to open on a flat note and look for directions. Today we enter into penultimate date of the expiry series and with Union Budget coming up tomorrow, the Markets shall have though time reacting to it.

The Markets have breached its pattern supports of 5810 and these levels shall act as immediate resistance on the upside.

However, the Markets have gone OVERSOLD. The RSI--Relative Strength Index on the Daily Charts stands at 28.4271 and and it trades in oversold territory. The Daily MACD remains bearish as it trades below its signal line.

All and all, given the big external event tomorrow, we might see volatile movements in the Markets. With the Markets being oversold, we would now recommend refraining from any shorts but at the same time, remain very selective in making fresh purchases. We may see sluggish movements in the Markets continue to immediate short term. Overall, cautious outlook is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,