Published on 13/09/2017 9:28:08 AM | Source: GEPLCapital Ltd

NIFTY BULLS maintains momentum as it crosses 10000 with a spark - GEPL

Posted in Market Outlook | #GEPLCapital Ltd #Market Outlook


Key Highlights:

NIFTY BULLS maintains momentum as it crosses 10000 with a spark.….

 * The NIFTY opened @ 10056.85, a GAP-UP of around 51 points over Monday. In the first hour itself, Nifty made a Day’s low @ 10028.05 and thereafter it never turned back and formed Bullish Higher Top Higher Bottom formation throughout the day. We witnessed, the Nifty successfully sustained at higher levels which shows the strong grip of the Bulls over the market. Once again a full GREEN day, the NIFTY shut shop @ 10093.05 UP by 87 points or around 0.87%.

* In line, the broader indices outperformed the benchmark NIFTY & in positive territory. While the NIFTY MID100 FREE closed UP by 1.05% to close @ 18931.40; the NIFTY SML100 FREE closed UP by 1.05% to close @ 8002.25. The broader move clearly tilted in favor of the BULLS, with 1142 advances to 607 declines. The INDIA VIX cooled off by 4.87% and closed around the 11.75 mark.

* All the sectoral & thematic indices traded in the GREEN with the likes of NIFTY PHARMA & NIFTY REALTY led the rally and were UP by around a 2 percent.

* A much-awaited breakout was finally seen, as Index closed above the higher range of last three weeks consolidation. The index has thus completed a bullish continuation 'Ascending Triangle' pattern. The said breakout is witnessed with a bullish gap and separating lines candle stick pattern. Going with the momentum, Index can now see a further extension of up move towards retesting all time highs @10140 levels with extension till 10300-10500. Previous resistance around 9980 - 9950 will now act as immediate support zone whereas the shift or the change in the trend will only be spoiled on a close below 9880 mark. 

 

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