Published on 10/01/2018 9:37:20 AM | Source: GEPLCapital Ltd
NIFTY sparkles further, once again closes at a FRESH all time HIGH as global new year rally continues - GEPL
NIFTY sparkles further, once again closes at a FRESH all time HIGH as global new year rally continues. Markets respect breakout of 10550 ….
* The NIFTY opened @ 10645.10, an all time HIGH and a Gap-UP of 22 points over Monday. The global peers continued with the new year rally, however the first half for Indian markets was that of profit booking with NIFTY correcting to almost 10600. The second half saw NIFTY having a take at a new all time HIGH (around the 10660 mark) before closing @ 10637 UP by 0.13% or 13.40 points.
* After many days of outperformance, the broader indices underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 0.12% to close @ 21693.40; the NIFTY SML100 FREE closed DOWN by 0.06% to close @ 9529.40. The broader move stood favoring of the BEARS for a change, with 881 advances to 997 declines. The INDIA VIX maintains status quo, with a gain of around 0.8% @ 13.8475.
* The sectoral & thematic indices mostly traded MIXED. The BULLS were able lead by NIFTY REALTY & NIFTY CPSE, which saw an up-move of one percent plus. On the other hand, NIFTY MEDIA & NIFTY PHARMA were the indices to close in the RED with a minor correction in place.
* 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.
To Read Complete Report & Disclaimer Click Here
For More GEPLCapital Ltd Disclaimer www.geplcapital.com/Disclaimer.aspx & SEBI Registration number is INH000000081.
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer