Daily

Daily Market Update Report 14-02-2018


On 12/02/2018 markets opened up with a gap traded in a narrow range with positive bias to close in green. On the sectoral front Realty, Capital Goods, Power and Metal ended with decent gains whereas IT and Teck ended with marginal loss. The advance decline ratio was in favour of advancing counter (Advance = 2034/Decline = 769).       

Pattern Formation: On the daily chart, we are observing an upward gap area in the range of 10480 – 10485. Normally upward gap act as support for the prices. 

Outlook: In view of the above pattern formation it is evident that the gap area of 10480 – 10485 remains crucial support going forward. In coming trading session if Nifty trades above 10560 then it is likely to test 10600 - 10639 levels. On the downside, 10500 – 10430 remains support for the day.

Broadly, looking at the current price action we are of the opinion that as long as Nifty holds the mentioned gap area of 10480 – 10485 there is high probability that Nifty may test 10700 – 10800 in couple of weeks. 

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


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