SGX Nifty , STI Market for Tomorrow

MARKET REVIEW

After a winning strike of last week on the very first day on new week STI closed with some lose.

STI opens @ 3070.84 at days high but not sustains that higher level and made a low of 3044.33 and finally closed with some points of recovery @ 3057.38 losses of 13.46 points down by 0.44%.

MARKET FORECAST

As we told in our previous reports that STI having a trading range of 2950-3120 and it is moving between this range only and before last week STI breached this 2950 level and made a low of 2919 took support @ its 61.8% retreatment level.

Today STI faced Resistance @ 3070 level which is its previous multiple support as well as Resistance level, so now this level again act as a Resistance for the Market and also it took support @ up slopping trend line today. So the coming days , STI have to maintain above its 3070 levels for upwards rally and also not to breached its up slopping trend line level if

breached than it can go further down side.

SUPPORT

STI having strong support @ 3020 and below this level it can take support @ 2990-2960 levels.

RESISTANCE

STI having Resistance @ 3070 and above this level 3100-3130 will be the major resistance zone for STI.

TECHNICAL INDICATORS

MACD turn to be bullish phrase as it gave bullish crossover and also RSI reverse with today move, from up to down side but still maintain above its centreline of 50 @ 52.24.