Published on 16/03/2017 10:57:06 AM | Source: GEPLCapital Ltd
NIFTY holds the level of 9050 on consecutive 2nd Day - GEPL
NIFTY holds the level of 9050 on consecutive 2nd Day….
* The NIFTY opened @ 9086.85, almost flat as compare to Tuesday. From the initial moments moved in a very narrow range of just 30 points between 9106 & 9075. Nifty strongly holds higher levels with a strong immediate support @ 9050 level. In the process NIFTY formed a DOJI on daily charts on consecutive second day with a closing @ 9084.8 DOWN by just 2.20 points or -0.02%.
* The broader indices moved in tandem with the benchmark NIFTY with outperformance. While the NIFTY MID100 FREE closed UP by 0.83% to close @ 16663.80; the NIFTY SML100 FREE closed UP by 0.87% to close @ 67270. Both indices like the NIFTY have shown a closing all time HIGH. The breadth index in line with the pumped up sentiment, stood clearly with the BULLS @ 1000 advances to 694 declines. The INDIA VIX was flat and it closed at around 12.42 mark.
* The sectoral & thematic indices largely traded in the GREEN. While the NIFTY PSU BANK & NIFTY AUTO raised the bar by moving UP by around 1%; the NIFTY IT & NIFTY CPSE were the only sectors in the RED.
* On the weekly charts, after a strong consolidation of 13 days in a range 8850 - 9000, the Index has entered an eventful week and a close above 9000 gives a continuation bullish breakout resuming upside towards all time high levels and further. As put up earlier, the psychological 9000 mark is behind us and that opens the gate to extrapolated levels in the band of 9300-9500. The consolidation band of 8850-9000 would now turn into a strong SUPPORT zone. In the short term it is advantage BULLS.
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