Market View: 6-10 NOV 2017

Filed in Market Update by on November 6, 2017
Week Market View: 6-10 NOV 2017
View Last week the NIFTY closed at 10452.50 registering a gain of 1.24% over previous week. The NIFTY seems to form a hanging man pattern on the daily chart. However there are no reasons why we should see a trend reversal now, so the hanging man pattern should not be given much importance as of now. NIFTY has been strongly making higher tops and higher bottoms on a weekly chart and till it doesn’t fall away from this formation it is likely to hold its strength. Our target of 10600 is very much achievable from here on. There are a lot of open long positions which is being supported by the banking sector now. The FII’s after having remained skeptical for a long time have started buying again. Things are positive and we have nothing really to worry, overall trend is bullish. 10200 will act as a good support for NIFTY this week. All the best!

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