Daily

Daily Market Update Report 11-05-2018


On 10/05/2018 markets opened higher but were unable to sustain the opening gains which led the indices to close in red. On the sectoral front Realty, Metal, Capital Goods, Consumer Durable and Utilities led the fall whereas Oil &Gas and Telecom ended with marginal gains. The advance decline ratio was in favour of declining counter (Advances = 775/Declines = 1890).

Pattern Formation: On the daily chart, we are observing range bound activity which gives no clear direction of the trend. 

Outlook: The current price action suggests that markets are circumspect at current level. In coming trading session if Nifty trades above 10740 levels then it is likely to test 10800 – 10820 levels. On the downside, 10680 – 10610 levels may act as support for the day. 

We still maintain our stance that if Nifty manages to close above 10768 levels there is high probability that it may test 10850 – 10900 levels in couple of days.

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


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