Daily

Daily Market Update Report 16-04-2018


Sensex ended with net gains of 1.88% whereas Nifty gained 1.44% w-o-w.

Pattern Formation: On the weekly chart, we are observing that prices are approaching the supply zone of 10702 to 10458. On the daily chart, we are observing a spinning top candlestick pattern which gives small clue that prior uptrend is losing breath.

Outlook: Combining the above two pattern formation it is evident that a consolidation/correction from current level cannot be ruled out. In coming week if Nifty trades and close above 10522 levels then it is likely to test 10578 – 10634 – 10699 levels. However, if Nifty trades and close below 10438 levels then it can test 10382 – 10326 – 10261 levels.

Broadly, for current week we are of the opinion that 10326 remains crucial support. Hence in current week if Nifty holds the mentioned level then there is a possibility that Nifty would test the resistance levels of 10578 – 10634 – 10699 levels. However stock specific activity is likely to continue going forward.

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


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