Daily

Daily Market Update Report 08-10-2018


The Sensex ended with a net loss of 5.11% whereas Nifty lost 5.62% w-o-w. 

Pattern Formation: On the weekly chart, we are observing that prices have breached the lower trendline of upward sloping channel and have closed well below it. On the daily chart, we are observing continuation of bearish lower-top lower-bottom formations which is sign of weakness. Further, we are observing two consecutive bear candle with lower gaps.   

Outlook: Combining the above two pattern formation it is evident that the undertone in the market is negative. In coming week if Nifty trades and close above 10463 level then it is likely to test 10689 – 10915 – 11178 levels. However, if Nifty trades and close below 10169 level then it can test 9943 – 9718 – 9455 levels.

Broadly, we are of the opinion that for current week 9943 is crucial support if breached we could witness continuation of downtrend. On the other hand if Nifty holds 9943 level then a bounce up to above 10689 – 10915 levels cannot be ruled out as markets are in an oversold zone. We maintain our stance that one needs to adopt cautious approach towards the markets as weekly and daily trend remains down.

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


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