Nifty Weekly Outlook: Buy on Dips only with Research will Worth!!

Date: 10-09-2018

nifty outlook
Friday: The Nifty opened green as expected and traded volatile, finally ended in the green at 11589. Buy on dips worked and it managed to reclaim lost ground in the last leg of the session. Nifty made almost a similar top at 11752 against its previous high of 11760. As We mentioned in our last note that the Nifty is overstrecthed and likely to witness volatile sessions, exactly same happened in the market, Nifty traded in a range of high and low of 11752 to 11394 in the past week. It made a "Hammer" candlestick pattern with higher top higher bottom on the daily chart for the third straight sessions and after making "Inverted Hammer" made a Red candle with a long lower shadow on the weekly chart. Technically, Daily chart showing there is follow up buying at lower levels and the Bulls are trying to reclaim lost ground, but weekly chart showing halt of ongoing movement of higher highs and higher bottom for the past couple of weeks. So, despite of buying interest at the bottom the index is unlikely to surpass its high of 11760 soon. It's going to be a stiff hurdle in the near term and some more slide could not ruled out. The market trend is still intact and it will remain positive till it holds above 11550. We advise to remain cautious, do not pick every beaten stock, do some research before picking a stock. This week is going to be short as it has only four trading sessions, 13th Sep. is a holiday.

Today: The Market is likely to Start the Day on a Flat to Negative Note following the Global Markets Cues. We see the immediate support is placed at 11530-11460 levels Whereas, 11650-11700-11760 levels will act as a stiff resistance.

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