BRIEF MARKET FORECAST FOR THE DAY -- TUESDAY, MAY 12, 2015
The
Markets continued with its heavy bout of short covering yesterday as
well and ended the day with decent gains. Today, though the Markets have
closed a notch above its 200-DMA, expect the Markets to open on a flat
note and look for directions. There are chances that the Markets may
consolidate in a range bound manner while reacting to the CPI data
coming in later. If some minor downsides are seen, it should not be
surprising while the levels of 200-DMA is likely to act as support.
Overall,
the Markets have seen upsides due to spate of short covering. For the
Markets to go higher, it would need to see fresh buying taking place.
However, until this happens, we cannot rule out the possibility of the
Markets consolidating a bit. However, suspension of MAT notices will
certainly aid the sentiments. Until the Markets confirms the reversal,
continuance of caution with protection of profits at higher levels is
advised.
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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