MyMoneyPlant.co.in Wishes you and your Family A Very Happy Diwali
and a Prosperous and Healthy New Year
MARKET TREND FOR THURSDAY, OCTOBER 23, 2014
The Markets opens tomorrow for Mahurat Trading session from
6.30 PM to 7:30 PM. The session would more or less remain in a trading range.
The Session is likely to remain more or less of ceremonial in nature and no
major swings are updated.
Looking a the technical charts, the Markets have formed
higher top and higher bottom on the Daily Charts and it is likely to extend its
up move in coming sessions. The levels of 8030 and 8065 would act as supports
and the levels of 50-DMA, i.e. 7932.90 would act as support at Close levels in
case of any range bound consolidation.
The RSI—Relative Strength Index on Daily Chart is
54.9607 and it has reached its highest value in last 14-days which is bullish.
It does not show any bullish or bearish divergence. The Daily MACD has reported
a positive crossover, perfectly in lines as expected in our yesterday’s
edition. It is now bullish as it trades above its signal line. On Candles, A rising window occurred
(where the top of the previous shadow is below the bottom of the current
shadow). This usually implies a
continuation of a bullish trend. There
have been 10 rising windows in the last 50 candles--this makes the
current rising window even more bullish.
Overall, with just an hour of trading, no
major moves are expected. However, in case of any profit taking, the overall
range would remain capped with 50-DMA acting as supports. Sector rotation would
continue and while remaining selective, overall positive outlook is advised for
the day.
Friday, October 24th remains a
Trading Holiday
Milan Vaishnav,
Consulting Technical Analyst,
Af. Member: Market Technicians Association (MTA), USA
Af. Member: Association of Technical Market Analysts, INDIA
www.MyMoneyPlant.co.in
Af. Member: Market Technicians Association (MTA), USA
Af. Member: Association of Technical Market Analysts, INDIA
www.MyMoneyPlant.co.in
+91-98250-16331
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