support resistance

STI & STOCKS 

MARKET REVIEW 8 march

STI opens with gap down today, but recovers sharply after make a low of 3047.59 in the 1st half of trading and in the reopening session it

was range bound.

STI opens @ 3061.31 levels and after that made a high of 3074.93 very near to our major resistance of 3075, and finally closed @ 3066.52

with gain of 5.21 points up by 0.17%.

MARKET FORECAST

STI trading in a consolidation phrase from past 5-6 days as we previously told that it is facing Resistance @ its 3070 levels and cant able to

maintain above this level, in the last week made a high of 3084 but still closed below its 3070 level and today also not sustains this level.

STI having its 200 day MA level of 3070.13; if STI sustains this level than only we can see some bullish signal in the market otherwise it can

move more downside from this level.

RESISTANCE

STI having Resistance @ 3072 which is a good Resistance zone as this level is good support for STI previously and if sustains than next

higher level comes @ 3100-3130.

SUPPORT

STI having strong support @ 3040 level if STI breached this level than it can go for 3010-2980-2965 level soon.

TECHNICAL INDICATORS

Indicators are bullish on daily charts; MACD is looking bullish as it is trading with bullish crossover, but RSI trading below its centreline of

50 @ 46.18 besides recovers from lower levels.