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
+91- 70164-32277
/ +91-98250-16331
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