Published on 20/03/2017 9:26:41 AM | Source: Reliance Securities Ltd

The nifty support is placed at around 9,100 and then at 9,050 level - Reliance Sec

Posted in | #Market Outlook #Reliance Securities Ltd


Technical Research

MARKET SYNOPSIS

*  On Friday, NSE-NIFTY continued prior daily up trend and recorded fresh life-time-high of 9,218.40 level, but later due to profit booking at higher levels index surrendered initial gains and slipped to 9,148 mark. Later NIFTY oscillated in 9,150-9,170 range and finally closed the session at 9,160 level with gain of 6 points.

*  NSE Cash segment has reported turnover of Rs31,890 crore as compared to Rs24,579 crore earlier.

*  Overall market breadth turned negative, where 706 stocks advanced against 955 declined stocks.

*  Mixed trend was observed across all the sectoral indices during the day. FMCG index emerged as a top gainer with the increase of 2.6% and PSU Bank index emerged as a top loser with the decrease of 1.8%.

 

NSE-NIFTY OUTLOOK

*  NSE-NIFTY ended holiday truncated week on positive note, where after oscillating in 158 points (i.e. in 9,060-9,218 range) index closed on life-time-high level with the rise of 2.5%. As mentioned earlier, our technical view will remain positive on NIFTY, where sustenance above the break-out line (i.e. placed around 9,120 level) will bring broad based rally in market. On the lower side, psychological mark- 9,000 will continue to work as key support level for NIFTY. However, on the higher side, index will face major resistance at around 9,500 level.

*  As for the day, support is placed at around 9,100 and then at 9,050 levels, while resistance is observed at 9,220 and then around at 9,300 levels.

 

Intraday Picks

ICICIBANK (LTP: 281) SELL

For today’s trade, short position can be initiated at Rs 283 for target of Rs 277 with a strict stop loss of Rs 286. Traders are advised to avoid early morning whipsaw.

ONGC (LTP: 190) BUY

For today’s trade, long position can be initiated at Rs 189 for target of Rs 195 with a strict stop loss of Rs 187. Traders are advised to avoid early morning whipsaw.

 

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