BRIEF MARKET FORECAST FOR THE DAY -- OCTOBER 08, 2012

Expect the Markets to open on a flat to mildly negative note. Kindly note that the Daily Charts show artificially intraday low due the the glitch in the Cash segment. However, the lead indicators, which are calculated on CLOSE price, indicate that the markets continue to remain "OVERBOUGHT". Having said this, it is likely that the Markets continue with their corrective activities. The levels of 5750 have continued to become immediate top for the Markets and no runaway rise is expected until then.

The Markets may thus continue to consolidate and continue with the correction even if minor bouts are seen. Overall movement shall remain in a broad range. While avoiding fresh buys, selective and cautious approach is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331