Market Outlook 17-08-2009

Markets opened on a flat note and traded in a narrow range through out the session. On the daily charts, indices have formed a narrow range body formation which suggests indecisiveness prevailing at current levels. Further, the momentum indicators viz. RSI and ADX are still in the positive mode which suggests the further up move in the coming trading sessions. On the upside, if indices convincingly trade above 15545 / 4620 levels then it is likely to test 15640 – 15750 / 4660 – 4710 levels. However on the downside, 15367 - 15306 / 4559 – 4540 levels may act as support for the day.