Daily Market Update Report 12-10-2017

On 11/10/2017 markets opened higher but were unable to sustain the opening hour gains which led the indices to close in red. On the sectoral front Realty, Metal and Auto led the fall whereas Telecom and Oil &Gas ended with decent gains. The advance decline ratio was in favour of declining counter (Advances = 938/Declines = 1809).

Pattern Formation: On the daily chart, we are observing a candlestick pattern that resembles bearish engulfing pattern. The said pattern will get activated once price trades and close below 9955 level.    

Outlook: In view of the above pattern formation it is evident that 9955 level holds significance going forward. In coming trading session if Nifty holds the mentioned level then it can bounce up to 10040 – 10080 levels. On the flip side, if Nifty trades below 9955 level then it can test 9900 – 9860 levels.   

Broadly, looking at the bearish engulfing pattern one needs to adopt cautious approach toward the market.

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

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