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Published on 11/01/2018 9:44:02 AM | Source: GEPLCapital Ltd

NIFTY maintains levels, even as stock-specific profit booking comes to the fore - GEPL

Posted in Market Outlook| #GEPLCapital Ltd #Market Outlook

Key Highlights:

NIFTY maintains levels, even as stock-specific profit booking comes to the fore. Markets still respect the breakout of 10550 ….

* The NIFTY opened @ 10652.05, a Gap-UP of 12 points over Tuesday and a shade short of the all time HIGH. The level seemed elusive, as fluid global peers weighed on the sentiment that lead to a bit of profit booking, in fact just a bit of it. However neither parties seemed much interested during the course of the day as NIFTY walleted in a tight 40 points range. The second half saw NIFTY claw back a bit from lower levels, as NIFTY closed almost at par. The NIFTY shut shop @ 10632.20 DOWN by 0.05% or 4.80 points.

* After many days of outperformance, the broader indices seemed to move in tandem with the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 0.14% to close @ 21662.25; the NIFTY SML100 FREE closed flat to close @ 9529.65. The broader move stood favoring of the BEARS for a change, with 850 advances to 982 declines. The INDIA VIX maintains status quo, with a gain of around 1.35% @ 14.0350.

* The sectoral & thematic indices mostly traded MIXED. The BULLS were able lead by NIFTY IT & NIFTY REALTY, which saw an up-move of one percent plus each. On the other hand, NIFTY PSU BANKS & NIFTY AUTO were the indices to close in the RED with a minor correction in place.

* The dynamics of the market remain little changed. Despite the lethargic moves of the current week, Nifty was able to inch higher which suggests the presence of uptrend. At the same time, the narrow range bodies on the daily charts depict that the participants are also getting cautious at higher levels due to lack of enough triggers to move forward. The same is seen in the heightened INDIAVIX as we see higher levels. Going ahead with the current bullish momentum Index can extend rally towards 10750 levels with immediate resistance placed around the current levels @ 10630 levels which at golden ratio (161.8% reciprocal retracement of recent down move). On the flip side, 10400 levels should be kept as a stop loss for the long positions.

Technical Snapshot

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