Daily

Daily Market Update Report 05-11-2018


The Sensex ended with a net gains of 5.17% whereas Nifty gained 5.21% w-o-w.

Pattern Formation: On the weekly chart, we are observing a bull candle which suggests that momentum on the upside is likely to continue.  On the daily chart, we are observing that 10680 to 10710 is strong supply zone. 

Future Outlook: Combining the above two pattern formation it is evident that 10680 to 10710 is strong supply zone.

In coming week if Nifty trades and close above 10666 level then it is likely to test 10887 – 11009 – 11208 levels. However, if Nifty trades and close below 10349 level then it can test 10268 – 10097 - 9898 levels.

Broadly, we are of the opinion that pull back rally is likely to extend its gains. At present, 10680 to 10710 is strong supply zone and any move above the mentioned supply zone would intensify upside momentum. Hence, one needs to adopt cautiously positive approach towards the markets.

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


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