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Due
to technical glitch, we have not been able to publish Daily Market
Trend Guide in regular PDF Format. Brief Market Forecast has been
produced herewith. Inconvenience caused is sincerely regretted
BRIEF MARKET FORECAST FOR THE D AY - THURSDAY, APRIL 23, 2015
The
Markets nearly approached its 200-DMA and took support near the lows of
27th March while completing 100% retracement on intraday charts but
ended the day after nearly a 150-odd points pullback. Today as well, the
Markets are likely to open on a positive note and continue with the
pullback at least in the initial trade. On its way up, the levels of
100-DMA, i.e.8565 is likely to act as resistance.
RSI
on the Daily Charts is 38.9136 is neutral and it shows no bullish or
bearish divergence. The Daily MACD remains bearish trading below its
signal line. Overall, the Markets have seriously attempted to find
bottom. There are chances that the Markets may attempt to make a
pullback once again from these levels. However, the possibilities of it
consolidating briefly cannot be ruled out but overall, the Markets may
attempt a pullback. Selective purchases may be made while remaining
vigilant on existing profits, if any. Overall, cautious optimism is
advised for the day.
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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