Daily

Daily Market Update Report 17-04-2018


On 16/04/2018 markets opened lower but recovered all its losses during the day to close in green. On the sectoral front Realty, Healthcare and Power ended on the gainers side whereas IT, Teck and Telecom ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1250/ Declines = 1417).

Pattern Formation: On the daily chart, we are observing a bull candle which suggests that momentum on the upside is likely to continue.

Outlook: The current price action on the daily chart suggests that the undertone in the markets is positive. In coming trading session if Nifty trades above 10550 levels then it is likely to test 10600 – 10628 levels. On the downside, 10480 – 10420 levels may act as support for the day.   

Since Nifty has convincingly closed above 10420 we are of the opinion that the undertone in the markets has turned positive. Further, 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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