MARKET OUTLOOK
FOR FRIDAY, NOV 10, 2017
After two sessions of corrective downsides, the benchmark
NIFTY50 arrested its down movement as it ended the day flat with nominal gains
of 5.80 points or 0.06%. The Markets had opened on a firm note but did not
sustain its pullback on much expected lines. However, after paring its early
morning gains and testing the intraday lows, the Index recovered nearly 50-odd points at Close levels. Going
into traded on Friday, we expect this attempt to pullback to continue. A
modestly positive opening is expected and in all chances, the Markets may
continue to give some meaningful technical pullback. However, the
sustainability of the expected pullback will continue to remain a concern.
The levels of 10350 and 10390 will continue to remain
important resistance levels to watch out for. Supports exist at 10265 and 10210
zones.
The Relative Strength Index – RSI on the Daily Chart is 56.2095
and it shows no divergence against the price and remains neutral. The Daily
MACD stays bearish while trading below its signal line. No significant
formations were seen on Candles.
The pattern analysis continues to show the Index taking a
breather after breaking out from 10200 levels. It is evident that it will
continue to take a breather and consolidate for some more time before it makes
a decisive move upwards.
All in all, we will still see the Markets taking a breather
trying to consolidate at current levels. Though there is no structural damage
on the Charts, the meaningful up move may still continue to elude us for some
time while the Markets continue to consolidate with upward bias. The immediate
short term support exist at 20-DMA and we will continue to see the markets in
general trying to remain resilient to any major corrective move. Session with
continue to remain dominated with stock specific activities.
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
+91- 70164-32277 / +91-98250-16331
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.