Daily

Daily Market Update Report 17-07-2019


Nifty opened on a subdued note but momentum on the upside intensified as the day progressed which led the indices to close in green. On the daily chart we are observing a positive candle which suggests that momentum on the upside is likely to continue. On the upside, 11712 level is major resistance. This coincide with the 50-daySMA. Hence, if Nifty opens higher then we could see some profit booking. However if its opens lower then traders may get opportunity to go long in Nifty.

Outlook: Hence, in coming trading session if Nifty opens lower in the range of 11638 to 11623 levels then again traders can go long, with a stop loss of 11580. On the upside it may test 11705 – 11735 levels.  

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