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Published on 13/07/2018 9:44:51 AM | Source: GEPLCapital Ltd

The NIFTY closes above 11000 for the time after 6 months - GEPL

Posted in Market Outlook| #GEPLCapital Ltd #Market Outlook

Key Highlights:

The NIFTY closes above 11000 for the time after 6 months, as all-time HIGH @ 11175 level comes within striking distance…. 

*  Due to strong positive Global sentiments, the NIFTY opened @ 11006.95, a GAP-UP of around 59 points over Wednesday. From the initial time, the Nifty successfully managed to trade above the 11000 mark whole session. In the first half we witnessed the Bullish sequence of Higher Top Higher Bottom formation on intraday time scale and it reached at day’s high @ 11078.30 by 12.15 pm. After that in the remainder session, we saw some profit booking @ higher levels which ultimately dragged the Nifty down till 11013.45 by end of the session. The NIFTY finally shut shop @ 11023.20 UP by 74.90 points or 0.68%.

*  The broader indices once again underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 0.44% to close @ 18473.85; the NIFTY SML100 FREE closed DOWN by 0.18% to close @ 7395.80. The broader market shifted back in favor of the BEARS with 754 advances & 981 declines. The INDIA VIX moved DOWN further by 1.58%, to close @ 12.5725.

*   In line with the broader markets, the SECTORS too largely traded MIXED. While the NIFTY ENERGY & NIFTY PSU BANK saw an UP MOVE of 2.68% & 1.12% respectively; on the other hand the NIFTY REALTY with a 1.09% cut & NIFTY MEDIA with a 1.05% correction, traded below par.

*  Technically, the NIFTY has finally moved above the 10840 mark on this Monday, which was rendering a major RESISTANCE almost for 3 continuous weeks. Now the prices have given a breakout of a predefined SIDEWAYS trajectory, accompanied by 3 GAP-UPS in the past 4 trading sessions & has sustained all of them. On the daily chart, Index for the past eight weeks had marked high around 10830-10930 and we have now closed well above it. It would be worthwhile to see if the BULLS finally find their bearing to cross over to higher scale & sustain there. The lows of the past four weeks around 10450-10550 simultaneously seem to be holding fort, with intermediate SUPORTS @ 10700 level. Going ahead, a fresh leg of upside can only be seen on a sustained close above the all-time HIGH of 11175 levels which may then aggrandize further towards 11350-11500 levels.

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