Daily

Daily Market Update Report 17-07-2017


Sensex ended with net gains of 2.05% whereas Nifty gained 2.28% w-o-w.

Pattern Formation: On the weekly chart, we are observing a bull candle which suggests that momentum on the upside is likely to continue. On the daily chart, we are observing two consecutive narrow range body formations with higher highs which suggest that markets are cautiously positive at current. Further, the upward gap area which was formed on 13.07.2017 (9853 to 9824 gap area) is likely to act as support going forward.  

Outlook: Combining the above two pattern formation it is evident that the undertone in the market is positive. However, looking at the daily formation, some consolidation/minor correction cannot be ruled out. In coming week if Nifty trades and close above 9941 level then it is likely to test 10019 – 10097 – 10188 levels. However, if Nifty trades and close below 9831 level then it can test 9753 – 9675 – 9584 levels.

Broadly, for current week we are of the opinion that 9753 remains important support level. Hence, as long as Nifty holds the mentioned support level there is fair probability that Nifty may test 10000 – 10200 levels in couple of weeks.  

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Tags: Nifty Technical OutlookNifty50 Technical LevelsGuru CallsOpen Interest FiguresFIIs & DIIs Data


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