BRIEF MARKET FORECAST FOR THE DAY - TUESDAY, APRIL 28, 2015
The
Markets extended their losses yesterday as well and ended below its
crucial support of 200-DMA but has stayed within its filter at Close.
Today, expect the Markets to open again on a quiet note and it is
expected that it would attempt to find its bottom. The statistics appear
bearish and it would be no surprise if the Markets struggles to remain
positive.
The
RSI on the Daily Charts is 30.4041 and any further decline, even a
modest one, will make the Markets "oversold". As mentioned in our
yesterday's edition of Daily Market Trend Guide, the reasons for decline
in the Markets remain non-technical in nature and therefore, we can
only expect the Markets to attempt to take support as this level.
Overall, until the Markets shows some signs of bottoming out, it is
advised to continue to refrain from taking any fresh positions and
maintain cautious outlook on the Markets.
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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