Daily

Daily Market Update Report 08-08-2018


On 07/08/2018 markets opened higher traded in a narrow range with choppiness to close in green. On the sectoral front Metal, Consumer Durable ended with decent gains whereas Oil & Gas and Telecom ended on the losing side. The advance decline ratio was in favour of declining counter (Advances= 1255 Declines= 1471).

Pattern Formation: On the Daily Chart, we are observing two consecutive spinning top candlestick patterns which gives small clue that prior up move is losing breath.

Outlook: We maintain our stance that a consolidation or a minor correction cannot be ruled out. In coming trading session if Nifty trades below 11350 level then it is likely to test 11300 - 11280 levels. On the upside, 11400 - 11480 levels may act as resistance for the day. 

We reiterate our stance that a minor correction or consolidation cannot be rule out. 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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