Daily

Daily Market Update Report 22-02-2017


On 21/02/2017 markets opened on a subdued note but witnessed gradual upside momentum as the day progressed this led the indices to close in green. On the sectoral front Consumer Durable, Oil & Gas and Bankex ended on the gainers side whereas Telecom and IT ended on the losing side. The advance decline ratio was in favour of advancing counter (Advances = 1552/Declines = 1271).

Pattern Formation: On the daily chart, we are observing a spinning top candlestick pattern which suggests that markets are cautiously positive at current level.

Outlook: At present, undertone in the markets is positive and momentum on the upside is likely to continue. In coming trading session if Nifty trades above 8930 then it is likely to test 9000 – 9030 levels. On the downside, 8870 – 8800 may act as support for the day.

We maintain our stance that the undertone in the market is positive and stock specific activity is likely to continue.  

Tags: Technical


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