Daily

Daily Market Update Report 19-06-2017


The Sensex ended with a net loss of 0.16% whereas Nifty lost 0.93% vis-à-vis the previous week.

Pattern Formation: On the weekly chart, we are observing narrow range bear candle which suggests weakness. On the daily chart, we are observing series of narrow range body formations with lower lows which suggests that markets are circumspect at current level.

Outlook: Combining the above two pattern formation it is evident that markets are cautious at current level. In coming week if Nifty trades and close above 9601 level then it is likely to test 9629 – 9656 – 9688 levels. However, if Nifty trades and close below 9554 level then it can test 9526 – 9499 – 9468 levels.

We maintain our stance that 9400 remains a make or break level going forward. Hence as long as Nifty holds 9400 on daily closing basis one should hold their long position.

Tags: Technical


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