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Published on 7/12/2018 8:51:50 AM | Source: KIFS Trade Capital

Market Outlook 07 December 2018 - KIFS Trade Capital

Posted in Market Outlook| #Market Outlook #KIFS Trade Capital

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Nifty

The key benchmark index Nifty showed a very volatile expiry where it saw a bear grip all over the session. Nifty was down by 181 points to end the trading session in red. Sectors specific all the sectors closed on a negative note in which Auto and Realty sectors were the major laggards in the market. If we look at the lower time frame chart mainly on hourly the key benchmark index Nifty has formed an expanding triangle pattern and at the end of trading session on expiry day has taken an external trend line support of the expanding triangle pattern. Intermediate resistance is placed near 10720 mark.

Bank Nifty

Mirroring the key bench mark index Bank Nifty also witnessed volatility and bears has the tight grip over the indices throughout the day. Both PVT bank and PSU Bank ended on a lower note where PSU Bank sector was down by 1.86% whereas PVT Bank sector was down by 1.43%. As depicted on the lower time frame chart mainly of hourly Bank Nifty is consolidating in an escalating channel where it is ranging between the level of 27000 on the north and 26200 level on the south and has taken a trend line support of the channel near 26200 mark. Intermediate resistance is placed near 26500 mark.

 

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