Daily

Daily Market Update Report 11-10-2018


On 10/10/2018 markets opened higher and momentum on the upside intensified as the day progressed which led the indices to close in green. On the sectoral front Realty, Consumer Durable, Capital Goods, Bankex and Auto led the rally whereas Teck and IT ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 2060/Declines = 606).

Pattern Formation: On the daily chart, we are observing that prices have taken support at the demand zone.

Outlook: The current price action suggests that momentum on the upside is likely to continue. In coming trading session if Nifty trades above 10490 then it may test 10530 – 10560 levels. On the downside 10400 – 10360 may act as support for the day.  

We still 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 OutlookNifty50 Technical LevelsGuru CallsFIIs & DIIs DataRatings for stocks under our coverageNews for stocks under our coverage


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