Daily

Daily Market Update Report 11-09-2018


On 10/09/2018 markets opened lower traded with negative bias throughout the day to close in red. On the sectoral front Realty, Power, Oil & Gas and Bankex led the fall whereas IT was the only sector which ended with minor gains. The advance decline ratio was in favour of declining counter (Advances = 1048/Declines = 1684).

Pattern Formation: On the daily chart, we are observing strong bear candle which suggests weakness. 

Outlook: The current price action suggests that 11400 remains crucial support for the week. In coming trading session if Nifty holds 11400 levels then it may test 11480 – 11530 levels. On the flip side, if Nifty breaks 11400 levels then next support for Nifty is at 11350 – 11300 levels.

Broadly, we are of the opinion that one needs to adopt cautious approach at current level.

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


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