Daily

Daily Market Update Report 14-07-2017


On 13/07/2017 markets opened up with a gap and momentum on the upside intensified as the day progressed which led the indices to close near days high. On the sectoral front FMCG and Capital Goods ended with decent gains whereas Oil & Gas ended with marginal losses. The advance decline ratio was in favour of declining counter (Advances = 1299/Declines = 1425).

Pattern Formation: On the daily chart, we are observing an upward gap area in the range of 9824 and 9853 zone. The said gap area is likely to act as support for the prices going forward.     

Outlook: In view of the above pattern formation it is evident that undertone in the market is positive. In coming trading session if Nifty trades above 9900 level then it is likely to test 9950 - 10000 levels. On the downside, 9850 - 9780 levels may act as support for the day.

We reiterate our view that the undertone in the market is positive. Hence we are of the opinion that stock specific activity is likely to continue. 

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Tags: Nifty Technical OutlookGuru CallsOpen Interest FiguresFIIs & DIIs Data


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