Review of the Previous day:
The market fell marginally in the last session a net 5.86 points (0.09%) and closed at 6286 point level. The market opened flat then turned up and continued so until 10:38 hours when it reached its day high at 6294 points. And then it fell until closing at the day low.
The market moved in a range of 09 Points. Sentiment was Mixed. 02 of the 03 sectors closed with Net Loss. 04 of the top 10 stocks with the highest volumes were losers and 01 was gainers and 05 were unchanged indicating an overall market bias was towards the sell side.
Outlook for Today:
Last session index after having formed three consecutive white body candle has formed a black body candle in the candlestick chart. This is negative
However, the index is above its 5 and 15 day moving averages. Moreover, the velocity parameters are positively trended. Both these indicate a positive bias and the possibility of further up move.
But the index is below its 25 day moving average. This act as resistance for the index. Nearest support for the index is at 6260 point level. There is a possibility that it could find support at this level. However, if index close below this level, further down move can be expected.
5.26%
