Daily

Daily Market Update Report 11-06-2018


Sensex ended with net gains of 0.61% whereas Nifty gained 0.67% w-o-w.

Pattern Formation: On the weekly chart, we are observing three consecutive narrow range body formations with higher highs which indicate that markets are cautiously positive at current level. On the daily chart, we are observing an upward gap area in the range of 10698 to 10722. Normally, upward gaps do act as support for the prices.

Outlook: Combining the above two pattern formation it is evident that the undertone in the market has turned positive. In coming week if Nifty trades and close above 10823 levels then it is likely to test 10901 – 10979 – 11070 levels. However, if Nifty trades and close below 10710 levels then it can test 10632 – 10554 – 10463 levels.

Broadly, we are of the opinion that for current week the zone of 10632 to 10554 holds significance. As long as Nifty holds the mentioned zone there is high probability that Nifty may test 10901 – 10979 – 11070 levels. 

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


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