Daily

Daily Market Update Report 12-01-2018


On 11/01/2018 markets opened on a subdued note traded in a narrow range with positive bias to close in green. On the sectoral front Realty, IT and Teck ended on the gainers side whereas Power, Oil & Gas and Metal ended with marginal losses. The advance decline ratio was in favour of advancing counter (Advances = 1607/Declines = 1329).

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

Outlook: We maintain our stance that a consolidation or a corrective move from current level cannot be ruled out. In coming trading session if Nifty trades above 10670 levels then it may test 10700 – 10750 levels. On the downside, 10600 – 10550 may act as support for the day.   

We reiterate our view 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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