Daily

Daily Market Update Report 05-12-2018


On 04/12/2018 markets opened on subdued note traded in a narrow range with negative bias to close in red. On the sectoral front Realty, Power, Metal and Utilities ended on the gainers side whereas Healthcare, Auto and Capital Goods ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1160/Declines = 1412).

Pattern Formation: On the daily chart we are observing three consecutive spinning tops which gives small clue that the prior uptrend is losing breath.

Outlook: We still maintain our weekly stance that on daily closing basis 10903 is strong resistance. In coming trading session if Nifty trades below 10830 levels then it may test 10800 – 10770 levels. On the upside, if Nifty trades above 10903 then Nifty may test 10950 – 11000 levels.

We still maintain our stance that one needs to adopt cautiously positive approach at current levels.

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


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