Daily

Daily Market Update Report 08-02-2018


On 07/02/2018 markets opened higher but were unable to sustain the opening gains which led the indices to close in red. On the sectoral front Capital Goods, Bankex and Telecom ended on the losers’ side whereas Oil & Gas, Healthcare and Energy ended on the gainers side. The advance decline ratio was in favour of advancing counter (Advances = 1988/Declines= 786).

Pattern Formation: On the daily chart, we are observing that prices have given close below the upward channel. 

Outlook: In view of the above pattern formation it is evident that markets are cautious at current level. In coming trading session if Nifty trades below 10446 level then it may test 10400 – 10350 levels. On the upside, 10520 – 10570 may act as resistance for the day. 

Broadly, one should adopt cautious approach at current level and wait for some consolidation at current level.

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


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