MARKET REVIEW
On the 1st day of month STI trade positive biased as on the last day of Feb. it ends with showing signs of turning up and STI proves this and closed with good gain today. STI opens above 3000 mark @ 3010.51 and from that level it was trades above this level and made a high of 3072.01 just near to our resistance level of 3072 and finally closed @ 3067.60 with gain of 57.09 points up by 1.90%.
On the 1st day of month STI trade positive biased as on the last day of Feb. it ends with showing signs of turning up and STI proves this and closed with good gain today. STI opens above 3000 mark @ 3010.51 and from that level it was trades above this level and made a high of 3072.01 just near to our resistance level of 3072 and finally closed @ 3067.60 with gain of 57.09 points up by 1.90%.
MARKET FORECAST
STI closed near to its day high and it formed a Bullish white candlestick pattern, this is generally considered bullish, as prices closed significantly higher than they opened. And in which situation it forms it will be a bullish signal for market, and also STI closed above its 200 day MA level of 3063.80 @ 3067.60. As we told in our weekly report that STI trading @ its up slopping trend line and trying to maintain itself above this trend line and today also it were closed above this trend line and not sustains below this which is good sign of recovery, if STI sustained this levels than we can see 100-150 points of recovery in the market.
RESISTANCE
STI having Resistance @ 3080 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 @ 3045 level if STI breached this level than it can go for 3010-2965 level soon.
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