Nifty need to reclaim lost ground: correction to be seemed as an Opportunity !

Date: 14-08-2017

nifty outlook
On Friday: The Nifty, plunged 109.45 points and closed in the red at 9710. We saw huge volatility and fear across the market as entire Week the Index remained weak followed by a shocking initiative by SEBI (Shell Co.) and weak global cues. We already told in our last week note that the Market is set for a correction and it would happen when nobody is expecting. This fall will generate an ample opportunity for smart investors. It has made a long legged Doji pattern on the daily chart and strong real red body on the weekly chart indicates that the Market would see more fall from here. The Nifty dropped at its one month low. The Index has immediate support at 9700, it has to hold above this level to bounce back, closing below can witness more sell off in the market and drag it towards 9520-9450 levels. In the current situation, You should adopt an extremely cautious approach and adopt stock specific approach.

For Today: The market is likely to open gap positive today following the positive cues in Asian markets. We see 9700-9670-9620 may act as a crucial support zone, whereas, resistance is placed at 9780-9800 levels.


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