On 17/05/2017 markets opened on a subdued note traded in a narrow range with choppiness and finally managed to close in green. On the sectoral front Metal, Auto and Telecom ended on the gainers side whereas Oil & Gas and IT ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1265/Declines = 1534).
Pattern Formation: On the daily chart, we reiterate our view that we are observing an upward gap area in the range of 9449 to 9456. Further, we still maintain our stance that momentum indicator viz. RSI is gaining momentum.
Outlook: The current price action clearly reflects that momentum on the upside is likely to continue. In coming trading session if Nifty trades above 9540 level then it is likely to test 9580 – 9640 levels. On the downside, 9450 – 9400 levels may act as support for the day.
We reiterate our view that the undertone in the market is positive and stock specific activity is likely to continue.
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