Daily

Daily Market Update Report 12-09-2017


On 11/09/2017 markets opened up with a gap and traded with positive bias throughout the day to close in green. On the sectoral front, Capital Goods, Oil & Gas and Utilities ended with decent gains whereas IT, Telecom and Teck ended on the losing side. The advance decline ratio was in favour of advancing counter (Advances = 1412/Declines = 1218).

Pattern Formation: On the daily chart, we are observing an upward gap in the range of 9968 to 9913. Normally, upward gap area does act as support for the prices.

Outlook: The current price action suggests that the undertone in the market has turned positive. In coming trading session if Nifty for first hour trades above 10040 levels then it is likely to test 10100 – 10120 levels. On the downside, 9980 – 9900 levels may act as support for the day.   

Broadly we are of the opinion that 10025 to 10090 is strong supply zone. Any close above the mentioned supply zone would propel Nifty to 10200 – 10300 in couple of days.

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


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