Technical

Daily Market Update Report 11-01-2018


On 10/01/2018 markets opened on a subdued note traded in a narrow range with choppiness to close marginally in red. On the sectoral front Consumer Durable, Auto and Bankex ended on the losing side whereas Realty, IT and Teck ended with decent gains. The advance decline ratio was in favour of declining counter (Advances = 1331/Declines = 1596).

Pattern Formation: On the daily chart, we are observing two consecutive narrow range body formations which suggest that markets are cautious at current level.

Outlook: The current price action suggests that a consolidation or a corrective move from current level cannot be ruled out. In coming trading session if Nifty trades below 10590 level then it can test 10550 – 10530 levels. On the upside, momentum can resume only if Nifty trades above 10660 levels. In such scenario Nifty may test 10700 – 10750 levels.  

Broadly we are of the opinion that a consolidation or corrective move cannot be ruled out from current level. However stock specific move is likely to continue.

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


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