Daily

Daily Market Update Report 14-06-2018


On 13/06/2018 markets opened higher traded in a narrow range with positive bias to close in green. On the sectoral front IT and Teck ended on the gainers side whereas Metals and Telecom ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1295/Declines = 1382).

Pattern Formation: On the daily chart, we are observing two consecutive spinning top candlesticks pattern which suggests that the prior trend is losing breath.

Outlook: In view of the above pattern formation, it is evident that a consolidation or minor correction from current level cannot be ruled out. In coming trading session if Nifty trades above 10900 levels then it may test 10920 - 10960 levels. On the downside, 10800 – 10750 levels may act as support for the day.  

Broadly, there is no sign of weakness but a consolidation or minor correction cannot be ruled out. Hence, cautiously positive approach should be adopted at current level. However, stock specific activity 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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