The Bulls Cheering MOODY'S Rating: Nervousness is Still There!!

Date: 20-11-2017

nifty outlook
On Friday: The Nifty opened gap up, but it fell down in the last leg of the session due to profit booking at higher level Finally, settled at 10284. It made a Small Bearish Candle on the daily chart and Hammer like pattern on the weekly chart indicates market is trying to get stable after seven days correction phase but there is still nervousness among market participants. Moody's positive news about rating upgrade for India given support to the Bulls. The level of 10340 is acting as an stiff resistance for the Bulls. Technically, there is a possibility of upside move as long as it holds above 10180, If it sustain below this level then the Bears will took control once again. Traders are advised to adopt stock specific approach and keep low profile and try to encash the opportunity, if there is any.

Today: The Market is likely to open on a Flat to Negative note today tracking Nifty Futures on the Singapore Stock Exchange and Global Cues. We see the crucial support for the Nifty is at 10175-10120-10096 levels whereas, stiff resistance exists at 10350-10400.
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