Daily Market Update Report 11-10-2017

On 10/10/2017 markets opened higher traded in a narrow range throughout the day to close in green. On the sectoral front Capital Goods, Power and Telecom ended on the gainers side whereas Realty and FMCG ended on the losing side. The advance decline ratio was in favour of advancing counter (Advances = 1591/Declines = 1134).

Pattern Formation: On the daily chart, we are observing two consecutive Doji candlestick patterns which suggest that markets are cautious at current level.   

Outlook: We maintain our stance that markets are circumspect at current level. In coming trading session if Nifty trades above 10045 level then it is likely to test 10080 – 10120 levels. On the downside, 9950 – 9900 may act as support for the day.    

Since prices have traded 10028 levels, there is high probability that Nifty may test 10092 – 10280 in couple of days. 

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

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