Daily Market Update Report 06-12-2017

On 05/12/2017 markets opened on a subdued note traded in a narrow range with mild negative bias to close marginally in red. On the sectoral front Metal, Capital Goods and Consumer Durable ended on the losing side whereas Bankex, Telecom and Energy ended on the gainers side. The advance decline ratio was in favour of declining counter (Advances = 1107/ Declines = 1547).

Pattern Formation: On the daily chart, we are observing a Doji candlestick pattern which suggests that the prior downtrend is losing breath.  

Outlook: We maintain our stance that on the daily chart suggests that 10094 is crucial support on daily closing basis. In coming trading session if Nifty holds 10094 and trades above 10190 level then it is likely to test 10230 – 10250 levels. On the downside, if Nifty trades and close below 10094 then it is likely to test 10050 – 10000 levels.  

We maintain our stance that 10094 is a make or break level on daily closing basis going forward. Any close below 10094 would confirm lower top lower bottom formation which is sign of weakness. In such scenario selling will intensify. Hence one needs to adopt cautious approach. 

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

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