Daily

Daily Market Update Report 12-04-2018


On 11/04/2018 markets opened higher and traded in a narrow range with choppiness to close in green. On the sectoral front Metal, Consumer Durable, IT and Teck ended with decent gains whereas Oil & Gas, Utilities and Realty ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1195/Declines = 1506).

Pattern Formation: On the daily chart, after a spinning top we are observing a hanging man candlestick pattern at the supply zone of 10336 to 10420 levels. 

Outlook: The current price action on the daily chart suggests that the low of 10355 remains crucial support for Nifty. In coming trading session if Nifty trades below 10350 then it may test 10300 – 10280 levels. On the upside 10450 – 10500 may act as resistance for the day.

We still maintain our stance that on daily closing basis 10420 is a make or break level going forward. However, stock specific move is likely to continue.

Tags: Nifty Technical OutlookNifty50 Technical LevelsGuru CallsFIIs & DIIs DataRatings for stocks under our coverageNews for stocks under our coverage


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