7:58 PM
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Market Forecast
Markets on recovery mode as from the 1st trading day of the week. STI took support @ its lower trend line around 2980 levels and today STI closed just below the upper down slopping trend line after crossing its 20 day MA level.
Now from todays move market likely to remain bullish 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.
STI closed above its 50 day MA level @3029.66 , so for next trading session if it will maintain above this level and crossed its 3035-3040 mark which is strong and multiple resistance level for STI than we can expect further bullishness in market. Technical indicators are looking in recovering mode on charts.
Support
STI having nearest support @ 3010 level and below this level it can take support @ 2995-2975 will be the support zone for STI.
Resistance
STI having Resistance @3040 and above this level it may take resistance @ 3060-3080 levels.
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