Daily

Daily Market Update Report 14-09-2017


On 13/09/2017 markets opened higher but witness selling in the latter half of the session which led the indices to close in red. On the sectoral front, Realty, Oil & Gas and Metal led the fall whereas Healthcare and energy ended on the gainers side. The advance decline ratio was in favour of declining counter (Advances = 1009/Declines = 1595).

Pattern Formation: On the daily chart, we are observing three consecutive narrow range body formations with higher highs which suggest that markets are cautiously positive at current level.   

Outlook: The current price action suggests a pause of current up move. At present 10136 the all time high is immediate resistance. In coming trading session if Nifty for first hour trades above 10136 levels then it is likely to test 10150 – 10200 levels. On the downside, 10020 – 9980 levels may act as support for the day.

Broadly, we are of the opinion that for current week as long as Nifty holds 9920 level, one should hold their long positions.

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


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