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MARKET OUTLOOK FOR 06 JAN- CAUTIOUSLY OPTIMISTIC

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TECHNICALLY SPEAKING: The domestic equity markets once again witnessed a very volatile session on Wednesday and the benchmarks continued their consolidation mood paring most of their pre-new year week's gains, tracking the sluggish global market cues. While the US markets closed mixed overnight, the major Asian markets too reversed most of their previous day's gains. FAVORED TOT UP: First sign of retracement we have saw in yesterday’ session with good volumes. Remember we have said that 6200-6230 might be the crucial ress zone. Exactly to our expectation spot index shown some profit booking on higher levels, keeps momentum squeezing day by day. Technically entire rally from 5700-6200 took 16 trading sessions. Applying Fibonacci theory, we are expecting at least 1/3 correction of this rally with crucial support at around 6000 level. VARIED TOT UP: On the flip side any bounce back from current levels may reap indices towards 62000 level where we might see some sort of consolidation. Any break out above this may generate some suggestive buying opportunities though 6360-6370 might be the next ress zone. HAPPY TRADING......

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