Daily

Daily Market Update Report 10-10-2018


On 09/10/2018 markets opened higher but were unable to sustain the opening gains which led the indices to close in red. On the sectoral front Consumer Durable, Auto, FMCG, Realty and Oil & Gas led the fall whereas Healthcare and Metal ended with decent gains. The advance decline ratio was in favour of declining counter (Advances = 1026/Declines = 1590).

Pattern Formation: On the daily chart, after a spinning top candle stick pattern we are observing a bear candle.  

Outlook: The current price action suggests weakness going forward. In coming trading session if Nifty trades below 10250 then it may test 10200 – 10180 levels. On the upside, 10350 – 10400 levels may act as resistance for the day. 

We maintain our stance that the trend remains down and pull-back rally is likely to attract selling pressure. Hence, one needs to adopt cautious approach towards the market.

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


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