Yesterday, last hour short covering pushed the futures to close 9 points premium to cash will more or less put some pressure to the FKLI for today. Our market is still not a clear uptrend with the cash remains confine in the band of 1303 – 1308 levels. Successfully breaking the 1308 level will indicate the cash will at least reach 1320 level. Failure for this level to be taken out convincingly will trigger selling pressure in the market.
In our opinion, the FKLI will gradually move towards the 1320 level till the end of the month before any major correction will set in. Historically, stepping into the third quarter will be a slow quarter and investors will take this opportunity to liquidate their position after the end of this month.
For today, not much to expect as well as it will still be a lackluster trading day with the support is seen at 1305 level and the resistance is seen at 1315 – 1318 levels.
US MARKET
Overnight US market closed marginally higher of 24 points mainly contributed by rally in technology shares. Overall technical landscape remains unchanged with the immediate support is seen at the MA 200 level – 10330 and the resistance is seen at MA 100 level – 10540.
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
For today, not much to expect as well as it will still be a lackluster trading day with the support is seen at 1305 level and the resistance is seen at 1315 – 1318 levels.
US MARKET
Overnight US market closed marginally higher of 24 points mainly contributed by rally in technology shares. Overall technical landscape remains unchanged with the immediate support is seen at the MA 200 level – 10330 and the resistance is seen at MA 100 level – 10540.
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The information herein was obtained or derived from the source that we believed are reliable.No liability can be accepted for any loss that may arise from the use of this report.All opinions and estimates included in this report constitutes our judgement as of this date and are subject to change without notice.
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