Daily Market Update Report 07-12-2017

On 06/12/2017 markets opened lower and traded with negative bias throughout the day to close in red. On the sectoral front Metal, Capital Goods, Bankex and Auto led the fall whereas IT, Teck and Energy ended with marginal gains. The advance decline ratio was in favour of declining counter (Advances = 978/Declines = 1644).

Pattern Formation: On the daily chart, we are observing that prices have convincingly closed below 10094 levels and thereby confirmed lower top – lower bottom formation.   

Outlook: The current price action on the daily chart suggests that momentum on the downside is likely to continue. In coming trading session if Nifty trades below 10010 level then it is likely to test 9980 – 9950 levels. On the upside, 10100 – 10150 may act as resistance for the day. 

Since prices have confirmed the bearish lower top - lower bottom formation we advised to adopt cautious approach toward the markets as rallies if any are likely to attract selling pressure. 

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

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