Due
to technical reasons,we have note been able to publish full edition of
Daily Market Trend Guide. However, brief market forecast has been
reproduced herewith. Inconvenience caused is sincerely regretted.
___________________________________________________________________________________
BRIEF MARKET FORECAST FOR THE DAY -- WEDNESDAY, JUNE 03, 2015
The
Markets ended nearly 100-odd points down while being in total disregard
to its 200-DMA after RBI cut rate by 25 bps on expected lines but made
comments about deficient monsoon likely to result in higher inflation
and thereby shutting possibilities of any further rate cut amid this
scenario.
Today,
we can expect a flat to mildly negative opening in the Markets but at
the same time, we can expect some stability and mild attempts of a
pullback later in the day. The Markets have closed below its 200-DMA and
on its way up, this level is likely to act as resistance at Close
levels. Though Markets still continue to hold its bottom formed on May
7, and is is less likely that it would test those bottoms again.
However,
given the uncertainty and with total lack of directional bias, it is
advised to remain moderate on positions. However, these downsides should
be used to make selective and stock specific purchases. Though Markets
may over all trade in a broad trading range and may see volatility
ingrained in it, the lead indicators still indicate some possibility of
attempts to have technical pullbacks.
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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