Market looking lackluster: Stay Cautious!!

Date: 03-10-2017

nifty outlook
On Friday: The Nifty opened in the green as expected and remained in the green throughout the trading session, due to the profit booking in the last leg of the session it ended at 9788 levels with mild gain of 19 points. In this process, it made a bearish candle with higher lows on the daily chart indicates the market is trying hard to recover. The Index settled at a previous day's high point. We could witness some pullback from but the market is still weak due to FII outflows amid weak macro fundamentals, US FED stress, higher oil price and Geopolitical worries etc.. These are the some reason which has changed the outlook. In last four-five trading sessions, the index has slipped from 10180 to the 9785 levels, it has corrected 3.8% from its life time high. The nifty would remain weak as long as it trades below 9880 and may drag towards 9820-9750 levels. Technically, the primary trend is still intact, but the market is in negative zone from short term perspective. We advise adopt the extremely cautious approach.

Today: The Market is likely to open gap positive today tracking the Asian Market. We see 9825-9800-9780 levels may act as a Strong support zone, whereas, Strong Resistance is placed at 9880-9911-9950 levels.

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