BRIEF MARKET FORECAST FOR THE DAY -- FRIDAY MAY 08, 2015
The
Markets remained volatile yesterday and after two way swings, it ended
the day with modest losses. Today, we can expect a technical rebound and
the Markets are likely to see a decently positive opening. It would be
crucially important to see if the Markets are able to capitalize on
today's expected positive opening and built up from there making
yesterday's lows as its immediate bottom. The levels of 200-DMA would
pose as resistance to the upside if things are viewed just technically.
The
RSI on the Daily Chart is 31.8065. This shows a bearish divergence
while being nearly "oversold". Overall, given these facts, once can
expect that the Markets have attempted to find its bottom at least in
the immediate short term. As mentioned, the Markets will have to
maintain its expected opening gains. Though some amount of bargain
buying may be done, it should be kept limited while maintaining positive
caution in 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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