{"id":27905,"date":"2017-12-07T16:52:40","date_gmt":"2017-12-07T16:52:40","guid":{"rendered":"http:\/\/www.bnreport.com\/market-outlook-follow-through-rally-to-continue-but-protect-gains-at-higher-levels\/"},"modified":"2017-12-07T16:52:42","modified_gmt":"2017-12-07T16:52:42","slug":"market-outlook-follow-through-rally-to-continue-but-protect-gains-at-higher-levels","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/market-outlook-follow-through-rally-to-continue-but-protect-gains-at-higher-levels\/","title":{"rendered":"Market outlook: Follow-through rally to continue, but protect gains at higher levels"},"content":{"rendered":"

The equity market witnessed a robust short covering on Thursday, as the Nifty<\/a> ended the session with a decent gain of 122.60 points or 1.22 per cent. <\/p>\n

This imminent pullback was mentioned in the note for Thursday. However, the interesting part of Thursday\u2019s session was that despite a very large number of open interest, the rise of 122.60 points has resulted into only a minor reduction of OI. <\/p>\n

Going into trade on Friday, though we expect a quiet start, we expect the follow-through rally to continue with the levels of 100-DMA acting as important support. <\/p>\n

The levels of 10,200 and 10,265 will act as immediate resistance levels for the market. Supports come in at 10,075 and 10,020 zones. <\/p>\n

The Relative Strength Index<\/a> (RSI) on the daily chart is 45.0210 and it remains neutral while holding on and reversing from its Double Bottom support. <\/p>\n

The Daily MACD is still bearish, as it trades below its signal line. A Big White candle emerged and it is significant, as it has emerged near the strong support area of 100-DMA. <\/p>\n

The pattern analysis confirmed the validity of the support of 100-DMA, as the markets recovered after a minor breach, and by not violating its filters. <\/p>\n

Going further from here, in most likelihood, a fresh Intermediate Area Pattern in form of a falling channel is created and we may see the market behaving in this formation. <\/p>\n

All in all, the resultant formation of the intermediate pattern in form of a falling channel is likely to inflict lower tops in the market. <\/p>\n

However, as of now, we expect the pullback rally to see follow-through on Friday and expect it to continue. We continue to see stock specific performances coming out from auto<\/a>, infra and financial services stocks<\/a>. <\/p>\n

We continue to recommend making select purchases while avoiding shorts and also protecting profits at higher levels. <\/p>\n

STOCKS TO WATCH:<\/strong> Good technical set-up is observed in stocks like DHFL, Ashok Leyland<\/a>, Vedanta<\/a>, Tata Steel<\/a>, L&T Fincance Holdings, Kotak Bank<\/a> and Federal Bank<\/a>. We may see these counters trading with positive bias. <\/p>\n

(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)<\/em><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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The equity market witnessed a robust short covering on Thurs..<\/p>\n","protected":false},"author":1,"featured_media":27906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-27905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMarket outlook: Follow-through rally to continue, but protect gains at higher levels - Business News Report<\/title>\n<meta name=\"description\" content=\"The equity market witnessed a robust short covering on Thurs..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/market-outlook-follow-through-rally-to-continue-but-protect-gains-at-higher-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market outlook: Follow-through rally to continue, but protect gains at higher levels - 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