Daily

Daily Market Update Report 17-05-2018


On 16/05/2018 markets opened down with a gap traded with choppiness to close in red. On the sectoral front Bankex, Oil & Gas ended on the losing side whereas Realty and FMCG ended with decent gains. The advance decline ratio was in favour of declining counter (Advances = 1016/Declines = 1606).

Pattern Formation: On the daily chart, we are observing that prices have closed well below the low bearish shooting star.

Outlook: The current price action has activated the bearish implication of the shooting star. In coming trading session if Nifty trades below 10695 levels then it may test 10650 – 10620 levels. On the upside 10800 – 10850 may act as resistance for the day.

We maintain our stance that one should adopt cautious approach at current levels.

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


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