Bulls Losing Their Grip: Need to Reclaim Lost Ground!!

Date: 04-12-2017

nifty outlook
On Friday: The Nifty, plunged 103 points amid weak domestic and global cues. It settled the week at 10123 and made a solid real body, red candle on the daily chart as well as weekly chart. The Index broke important support levels in two sessions and support has shifted lower. As We said in our last note, If it sustains below 10300 levels, then the Bears will take control once again. Now it is trading below two major support levels of 10300 and 10175. If it continues to trade below, then it may test 10095-10035 levels. The Bulls need to reclaim lost ground by closing above 10200 for now. Now, the index upside has capped at 10450 and need to surpass this hurdle to resume its upside rally again. We advise adopt stock specific approach and keep a low profile.

Today: The Market is likely to open on a Flattish note today tracking Nifty Futures on the Singapore Stock Exchange and Global Cues. We see the crucial support for the Nifty is at 10100-10035 levels whereas, resistance exists at 10260-10200.
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