Daily Market Update Report 10-10-2017

On 09/10/2017 markets opened on a subdued note, traded with choppiness in a narrow range but finally managed to close with marginal gains. On the sectoral front Realty, Consumer Durable and FMCG ended with decent gains whereas IT, Telecom and Energy ended on the losing side. The advance decline ratio was in favour of advancing counter (Advances = 1534/Declines = 1176).

Pattern Formation: On the daily chart, we are observing a Doji candlestick pattern which suggests that markets are cautious at current level.

Outlook: The current price action suggests that markets are circumspect at current level. In coming trading session if Nifty trades above 10028 levels then it is likely to test 10050 – 10080 levels. On the downside, 9950 – 9880 may act as support for the day.  

Broadly, we are of the opinion that Nifty has immediate resistance at 10028 levels, if during the week Nifty trades above the mentioned level then there is high probability that Nifty may test 10100-10200 in couple of days. 

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

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