Nifty Outlook by Epic Research

Nifty closes above 11K mark for the second time in more than 3 months as it gives a breakout from the range of 11000 – 10700. It has been in this range for more than 3 months. It is the second time we are seeing Nifty surpassing 11K mark during this consolidation. Though the follow-up buying has not been witnessed as the overall breadth has been negative for the past few weeks.
For this time, we expect a breakout and that should be followed with confirmation. Breadth is much better as compared to previous scenarios given the fact that not just heavyweight indices like Auto, Financials, and Energy are moving but also the much beaten down sectors like Midcap, Smallcap and PSUBank Index.
It is a matter of time we shall see the short covering rally as well once we have closed above 11180 marks that would also call in the fresh money in the market that will further propel the momentum. Trend strength indicators are showing much better signs for the bulls but the persistence of the trend above 11180 is still a flip of a coin. Hence we are not aggressive at this point of time but cautious around 11180 and an optimist at the same time if breakout happens.

For more information on stock tips and quick free trial click here > 911 133 9000 Visit http://www.epicresearch.co

Connect with our social media sites

Facebook

Twitter

YouTube

Pinterest

Linkedin

Google+

Follow @Epic_Research

Posted in: Indian Market Tips