Daily

Daily Market Update Report 12-09-2018


On 11/09/2018 markets opened higher but were unable to sustain the opening gains and selling intensified as the day progressed which led the indices to close deep in red. On the sectoral front Consumer Durable, Telecom and FMCG led the fall. The advance decline ratio was in favour of declining counter (Advances = 874/Declines = 1841).

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

Outlook: The current price action suggests that 11268 remains crucial support for the month. In coming trading session if Nifty holds 11268 levels then it may test 11350 – 11400 levels. On the flip side, if Nifty breaks 11268 levels then next support for Nifty is at 11250 – 11170 levels.

We maintain our stance 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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