STI Market Forecast For 12-Sept

STI Signals:

Market starts higher side for the 1st trading day of the week above 3010 and faced resistance below previous day high level @ 3019.63

Now from todays move market likely to remain sideways for this week. As we told in our previous report that below STI fall in the downward channel and as it faced resistance @ upper down slopping trend line so expected that it can took support @ the down slopping support line @ 2980 levels.

Today also STI faced Resistance @ its 50 day MA level it made a high of 3019.63 just near to its DMA, we can expect for the coming days if it will crossed this 3021 level and maintain this than above this 3037.85 it’s 20 Day MA level can act as a next Resistance for coming days. Technical indicators are looking in recovering mode on charts.

Intraday Support:

STI having nearest support @ 2995 level and below this level it can take support @ 2980-2960 will be the support zone for STI.

Intraday Resistance:

STI having Resistance @3020 and above this level it may take resistance @ 3040-3060 levels.