MARKET OUTLOOK FOR THURSDAY, JUNE 29, 2017
Corrective undertone persisted as the Indian Equities
continued to post modest correction as the benchmark NIFTY50 ended the day with
modest loss of 20.15 points or 0.21%. We enter the expiry day of the current
derivative series and see Markets opening on a flat note. However, the expiry
day is very much likely to bring volatility in to the session. The Markets have
taken support near the 50-DMA levels so for. On Thursday as well, this 50-DMA
levels which stand at 9466 will continue to remain important levels to watch
out for.
The Thursday’s session will see the levels of 9530 and 9565
acting as immediate resistance levels for the Markets. The supports come in at
9460 and 9410 zones.
The Relative Strength Index – RSI on the Daily Chart is
41.98.93 and it has marked a fresh 14-period low which is Bearish. It does not
sport any divergence against the price. The Daily MACD continues to remain
bearish while trading below its signal line.
The pattern analysis show the Markets remaining overall in
rising trend but certainly markets the zones of 9700-9710 as its intermediate
top for the Markets. The levels of 50-DMA will be important to watch out for
under these circumstances.
All and all, we can certainly expect some volatility in the
session on Thursday owing largely due to the rollovers. We are likely to
clearly see sectors being rotated not just tomorrow but for some more days to
come. We are likely to see select pockets of stock specific out-performance.
Given the fact that the markets are attempting to find some base near 50-DMA, any breach below
this level will infuse some more short term weakness in the Markets.
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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