On 18/05/2017 markets opened lower in wake of weak global clue and traded with negative bias throughout the day to close in red. On the sectoral front Realty, Metal, Capital Goods and Consumer Durable led the fall whereas IT and Teck ended on the gainers side. The advance decline ratio was in favour of declining counter (Advances = 694/Declines = 2052).
Pattern Formation: On the daily chart, prices have closed below the upward gap area (9449 to 9456).
Outlook: In view of the current price action we are of the opinion that 9300 remains make or break level going forward. In coming trading session if Nifty trades below 9400 level then it is likely to test 9380 – 9350 levels. On the upside, 9460 – 9530 levels may act as resistance.
Broadly, we are of opinion that one should hold their long position as long as Nifty holds 9300 levels on daily closing basis.
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