Daily

Daily Market Update Report 23-02-2017


On 22/02/2017 markets opened higher traded in a narrow range with choppiness to close in green. On the sectoral front Energy, Oil & Gas and Telecom ended on the gainers side whereas IT, Teck and Consumer Durable ended on the losing side. The advance decline ratio was in favour of declining counter (Advances = 1094/Declines = 1746).

Pattern Formation: On the daily chart, we are observing a Doji candlestick pattern which suggests indecisiveness prevailing at current level.

Outlook: In view of above pattern formation it is evident that markets are circumspect at current level. In coming trading session if Nifty trades above 8980 then it is likely to test 9000 – 9050 levels. On the downside, 8880 – 8800 may act as support for the day.   

Since there is F&O derivative expiry we are likely to witnessed volatility. However, stock specific activity is likely to continue.  

Tags: Technical


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