Nifty Outlook for 17th Nov 17 by Epic Research

Nifty Outlook

Nifty continued to slide and ended down for the second consecutive day as it provided no respite for bulls in the ongoing butcher. This is the second-day consecutive fall after a short covering which was observed last week. Nifty is now on a point which will be more decisive to maintain its short-term uptrend intact.

Since 10150 – 10180 Zone is the previous tops and we have seen a brief consolidation in this zone previously. It is also coupled with 50 Days Moving Averages. Nifty should sustain these levels for convincing the short-term bulls. In case if we see a close below these levels in coming days then more correction can be seen.

Immediate support is seen at 10090 – 10150. Resistances in immediate trend is seen at 10250 – 10300. We are cautious with a Sell on any rise approach while we also recommend booking some 70% profits as we may see sideways consolidation going forward.

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Epic Research
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