4826.

15, posting a nomi-

nal loss of 20.55 points or
0.42%. BANKNIFTY lost
1.3%, CNX IT gained
0.63% and CNX MIDCAP
gained 0.53% as broader
markets relatively per-
formed better. Total
traded turnover in the
Markets stood at re-
mained high at Rs.
1,30,214.03 Crores.

On the Derivatives front,
heavy rollover continued
in both NIFTY and Stock
Futures with both NIFTY
and Stock Futures seeing
rollovers in excess of 58%
being completed.
On the penultimate day of
the expiry of the Current
Derivatives Series, the
Markets remained terribly
volatile but within a range
and the magnitude of the
fall got limited yesterday
as the Markets closed with
minor losses. The Markets
opened on moderately
negative note as expected
and in the first hour of the
trade, soon went on to
give the days low of
4784.10. However, the
Markets reversed itself in
the late morning trade. It
not only wiped off all of
its morning losses but
also went on to trade in
the positive territory and
went on to give the days
high of 4867. This was
against the resistance
levels of 4880 mentioned
by us. Just when it
seemed that we may have
a session of recovery, the
Markets saw itself paring
all of its gains as it has
been regularly doing in
past session and finally
ended the day at
The Market
Market Trend for Today
The Markets had a volatile
session but quite a range
bound one after opening on a
moderately negative note as
expected and in this process,
have continued to give a
lower top lower bottom on
the Daily High Low Charts.

Today, on back of weak
global markets and weak
technical cues, a weak gap
down opening is expected in
the Markets. The Markets are
expected to open on a signifi-
cantly weak note and may
remain under pressure for
most part of the session to-
day. Today is the last trading
day of the Expiry of the Octo-
ber Series and thus, we may
see most trading activities
being dominated by roll over
activities. For today, the lev-
els of 4860 and 4880 are
resistance levels where as the
levels of 470 and 4720 may
act as supports. The RSI
Relative Strength Index on
the Daily Charts is 38.2808
and do not show any negative
divergence. However, its
reached its lowest value in
last 14-periods which is bear-
ish. The MACD continues to
trade below its signal line and
is therefore bearish. On the
Weekly Charts, the MACD too
has grown bearish as it has
made a negative crossover
and trades below its signal
line. The RSI on the Weekly
Charts shows both negative
divergence and a failure
swing. Close look at a chart
pattern shows that the Mar-
kets may likely to breach its
important support levels of
4849 which is the 50-DMA
significantly today. The next
support finally comes around
4690-4725 range and thus
Markets are likely to be back,
at least intraday from it origi-
nally broke out. All and all,
weak opening certain but the
lead indicators are rushing
towards being OVERSOLD after
today, we may see Markets
getting OVERSOLD. However,
even with weak start, attempt
to buy should be avoided and
also the Shorts as limited
downside is seen after weak
opening today. Deep caution is
advised on either side as Mar-
kets yet to find definite bot-
tom.


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Www.MyMoneyPlant.co.in

+91-98250-16331

milanvaishnav@mymoneyplant.co.in
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