Daily

Daily Market Update Report 14-05-2018


Sensex ended with net gains of 1.67% whereas Nifty gained 1.77% w-o-w.

Pattern Formation: On the weekly chart, we are observing that the prices have closed above the downward gap area of 10736 to 10702 which was earlier acting as resistance. This suggests further upside. On the daily chart, we are observing series of narrow range body formations with higher highs which suggests that markets are cautious positive at current level.   

Outlook: Combining the above two pattern formation it is evident that the undertone in the market is positive. In coming week if Nifty trades and close above 10845 levels then it is likely to test 10897 – 10949 – 11009 levels. However, if Nifty trades and close below 10766 level then it can test 10714 – 10662 – 10602 levels.

Broadly, we are of the opinion that 10610 levels for current month remains crucial support for the indices. Hence as long as Nifty holds the mentioned level there is high probability that Nifty may test 10897 – 10949 – 11009 levels in couple of weeks.

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


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