Daily

Daily Market Update Report 09-08-2019


Nifty opened higher initially traded in a narrow range but witnessed strong upside momentum in the latter half of the session which led the indices to close in green. On the daily chart, we are observing that prices have closed above the bullish engulfing pattern which was formed on 06.08.2019 and thereby activated the bullish implication of the said pattern. Hence momentum on the upside is likely to continue. However, we maintain our stance that Nifty is in a lower top lower bottom formation and pullback rally is likely to witness selling pressure at higher levels

 

In coming trading session if Nifty opens lower in the range of  10981 - 10949 levels one can go long with a stop loss of 10865.On the upside it may test 11082 – 11114 – 11170 levels. 

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