Tuesday, November 28, 2017

MARKET OUTLOOK FOR TUESDAY, NOV 28, 2017

MARKET OUTLOOK FOR TUESDAY, NOV 28, 2017
The  Indian Equity Markets saw a smart recovery from the lows of the day and ended the day with the benchmark NIFTY50 gaining 9.85 points or 0.09%. Though these gains were nominal, the NIFTY saw recovery of nearly 60-odd points from the lows of the day. This session remained significant as the Index managed to keep its head above the 10345-10365 zones. Going into trade on Tuesday, we expect a modestly positive start and see the Markets attempting to further its recovery that it saw in the previous session.

Tuesday will see the levels of 10430 and 10465 playing out as immediate resistance levels for itself. Supports exist at 10345 and 10250 zones.

The Relative Strength Index – RSI on the Daily Chart is 61.7720 and it has market a fresh 14-day high which is bullish. Daily MACD has reported a positive crossover and it is now bullish while trading above its signal line. No significant formations were seen on Candles.

The pattern analysis confirm the validation of the 20-DMA of NIFTY as its immediate short term support. The trading of the Index in a very narrow band in sideways trajectory can be translated as its inherent strength which still continues to persist.

All and all, we might see the Markets attempting to further its recovery that we saw today. However, we will still continue to see the session remaining highly sectors and stock-specific. The NIFTY may attempt to further its up move but it will have to move past its previous high for a sustainable breakout. However, it is beyond doubt that the inherent strength in the Markets remains evident. With every corrective bout that we may see due to rollovers that have started, it is recommended that such dips should be used to make select purchases. Overall, while still continuing to guard profits at higher levels, cautious optimism is advised for Tuesday’s trade.

Milan Vaishnav, CMT, MSTA
Technical Analyst 
(Research Analyst, SEBI Reg. No. INH000003341)


Member: 
CMT Association (Formerly known as Market Technicians Association, (MTA), USA
Canadian Society of Technical Analysts, (CSTA), CANADA
Society of Technical Analysts (STA), UK  


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