A REALLY NARROW TRADING RANGE HAS DEVELOPED IN THE NIFTY, WITH SUPPORT AT 6700 AND RESISTANCE AROUND 6750.
NAROW RANGE DAYS IN NIFTY TOGETHER WITH TRADING RANGE SUGGEST BIG THRUSTING MOVE IS COMING; DIRECTION OF MOVE IS UNKNOWN! PROBABILITY OF AN UPSIDE BREAKOUT IS MORE BUT MARKETS CAN DO WHAT THEY WANT, SO TRADERS SHOULD BUY ONLY AFTER A BREAKOUT.
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| Market Outlook By Elite Wealth Advisors Ltd. |
Bank Nifty traded very narrow today and remained above to its short term support at 12800. These narrow range days suggest us that the index may see a big thrusting move in either side. Since the trend is up so the possibility of an up move is more. Look for a buying opportunity if price starts a sharp up move.
CNX IT saw a down move today and prices closed just below to its support at 9200. We need a confirmation. A follow through on downside may be able to confirm this breakdown.
PHARMA Sector is consolidating inside a tight narrow trading range. Trend is very strong on upside in this sector. We may see a breakout soon. Look for a buying opportunity in Pharma Stocks like AURO PHARMA, DR REDDY, LUPIN and SUN PHARMA.
Equity Technical Research Recommendation
Index
| STRONG | WEAK |
| ICICI BANK | |
| LT | |
| MARUTI | |
| TATAMOTOR |
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