Daily

Daily Market Update Report 09-08-2018


On 08/08/2018 markets opened higher traded in a narrow range with positive bias to close in green. On the sectoral front Consumer Durable, Telecom and Energy ended with decent gains whereas Healthcare and Utilities ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1315/Declines = 1423).

Pattern Formation: On the daily Chart, we are observing three consecutive spinning top candlestick patterns with higher highs. 

Outlook: The current price action suggests that the undertone in the market is positive. In coming trading session if Nifty trades above 11465 then it can test 11500 – 11560 levels. On the downside, 11400 – 11460 levels may act as support for the day. 

We still maintain 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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