Published on 17/03/2017 10:04:52 AM | Source: Reliance Securities Ltd

NIFTY will find immediate support at around psychological mark-9,000 and then at 8,900 level - Reliance Sec

Posted in Market Outlook | #Market Outlook #Reliance Securities Ltd


Technical Research

MARKET SYNOPSIS

* Yesterday, NSE-NIFTY extended gain post gap up opening on back of firm global cues and later with the help of buying across the board index recorded fresh life-time-high of 9,158.45. NIFTY finally closed the day at 9,154 level with the rise of 69 points or 0.8%.

* NSE Cash segment has reported turnover of Rs24,579 crore as compared to Rs24,611 crore earlier.

*Overall market breadth remained positive, where 1153 stocks advanced against 490 declined stocks.

* There was positive trend observed across all the sectoral indices during the day. Metal index emerged as a top gainer with the increase of 2.9%. However, rest of the sectoral indices gained in between 0.4% & 1.3%.

 

NSE-NIFTY OUTLOOK

* NSE-NIFTY managed to give break-out from “Double Top” formation on the daily chart post US Federal’s 25 bps interest rate hike and accommodative policy stance. We believe that NIFTY’s sustenance above the break-out line (i.e. placed around 9,120 level) will be quite positive as it will bring broad based rally in the market and that will help other indices to explore the uncharted territory as well. On the lower side, now NIFTY will find immediate support at around psychological mark-9,000 and then at 8,900 level. However, on the higher side, index will continue to face resistance at around 9,200 and then at 9,500 levels.

* As for the day, support is placed at around 9,100 and then at 9,050 levels, while resistance is observed at 9,200 and then around at 9,300 levels.

 

Intraday Picks

APOLLOHOSP (LTP: 1,226) BUY

For today’s trade, long position can be initiated at Rs 1221 for target of Rs 1249 with a strict stop loss of Rs 1210. Traders are advised to avoid early morning whipsaw.

OIL (LTP: 337) BUY

For today’s trade, long position can be initiated at Rs 335 for target of Rs 345 with a strict stop loss of Rs 332. Traders are advised to avoid early morning whipsaw.

 

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