Daily

Daily Market Update Report 09-07-2018


Sensex ended with net gains of 0.54% whereas Nifty gained 0.54% W-o-W.

Pattern Formation: On the weekly chart, We are observing narrow range body formation which suggests indecisiveness prevailing at current level. On the daily Chart, We are observing two consecutive narrow range body formations which suggest that markets are cautiously positive at current level.     

Outlook: The price action both on the weekly and daily chart suggests that markets are cautiously positive at current levels. At present Nifty has resistance at 10880 -10942 - 11014 levels whereas on the downside it has support at 10664 – 10603 - 10513 levels. In coming week if Nifty trades and close above 10818 levels then it is likely to test 10880 -10942 - 11014 levels. However, if Nifty trades and close below 10726 level then it can test 10664 – 10603 - 10513 levels.

Broadly, we are of the opinion that for current week 10650 - 10600 is crucial zone. Hence, as long as Nifty holds the mentioned zone there is high probability that Nifty may test 10880 -10942 - 11014 levels. Hence, one needs to keep a bull stop at 10600 for all long positions. 

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


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