MARKET OUTLOOK FOR FRIDAY, JUNE 30, 2017
Very much on analyzed line, volatility ruled the roost on
Thursday and the session remained heavily dominated with rollovers. The
benchmark NIFTY50 came off nearly 80-odd point from the high point of the day, oscillated
in a range and finally ended up with modest gain of 12.85 points or 0.14%. We
expect a tepid start to the Markets and going ahead the 50-DMA levels which
stand at 9474 today will continue to remain an important level to watch for.
Friday will see 9530 and 9575 acting as immediate resistance
zones for the Markets. Supports come in at 9474 and 9410 levels.
The Relative Strength Index – RSI on the Daily Chart is
43.7326 and it remains neutral showing no divergence against the price. The
Daily MACD remains bearish while trading above its signal line. No significant
formations were observed on Candles.
The Pattern analysis clearly shows the NIFTY breaching the
upward rising trend line drawn from 9200 levels. Having breached this it is
likely to act as resistance going upwards. Also, the Markets have been able to
hang on to the levels of 50-DMA and going ahead, this level will continue to
act as important pattern support.
All and all, though the Markets have stayed above 50-DMA, it
is not completely out of the woods. Caution would still be required until it
ends near the high point of the day building higher bottoms. Until that
happens, even profit at every stage will be required to be guarded vigilantly.
Milan Vaishnav, CMT
Technical Analyst
(Research Analyst, SEBI Reg. No. INH000003341)
Member:
Market Technicians Association, (MTA), USA
Canadian Society of Technical Analysts, (CSTA), CANADA
+91-98250-16331
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