Bulls Bounce Back Strongly, Nifty Ends Week Near All Time High


Nifty bulls staged a strong comeback today as the index opened more than 50 points above its previous close at 11298. The upside rally continued throughout the day and Nifty went on to make a high of 11366 towards the second half of the day’s trade. The index took the support of 11290 (50 HMA approx.) and closed comfortably at 11360(5 DEMA high approx.) signaling a strong presence of buyers in today’s pullback rally. Nifty Call option buyers also locked in more than 40% profits in today’s trades. The 11400, 11500 and 11600 strike call options yielded 48%,45 and 67% returns respectively on the last day of the weekly trading session. The nearest resistance for Nifty is around its upper Bollinger band (11420 approx).

Stocks Under The Scanner
In today’s trade India Bulls Housing Finance shares rose 6.24%, while Axis Bank shares rose 5.16%. Tech Mahindra shares dropped 1.41% in the course of the day’s trade.



The Outlook for 6th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed above its 5DEMA high (11360 approx), signaling a strong pullback by the buyer. The index will find strong support around its 10 DMA (11240 approx). However if Nifty trades and closes below its 15 DMA (11130 approx) it will find its next support around its 34 DMA(10950 approx). Nifty is likely to face its next resistance around its upper Bollinger band (11420 approx). 



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed above its 5 HEMA high(11360 approx). The index is likely to find its next support around its 50 DMA (11290approx). The nearest resistance for Nifty is at its upper Bollinger band (11390 approx).


 


Large Cap, Mid Cap Gainers



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Nifty bulls staged a strong comeback today as the index opened more than 50 points above its previous close at 11298. The upside rally continued throughout the day and Nifty went on to make a high of 11366 towards the second half of the day’s trade. The index took the support of 11290 (50 HMA approx.) and closed comfortably at 11360(5 DEMA high approx.) signaling a strong presence of buyers in today’s pullback rally. Nifty Call option buyers also locked in more than 40% profits in today’s trades. The 11400, 11500 and 11600 strike call options yielded 48%,45 and 67% returns respectively on the last day of the weekly trading session. The nearest resistance for Nifty is around its upper Bollinger band (11420 approx).

Stocks Under The Scanner
In today’s trade India Bulls Housing Finance shares rose 6.24%, while Axis Bank shares rose 5.16%. Tech Mahindra shares dropped 1.41% in the course of the day’s trade.



The Outlook for 6th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed above its 5DEMA high (11360 approx), signaling a strong pullback by the buyer. The index will find strong support around its 10 DMA (11240 approx). However if Nifty trades and closes below its 15 DMA (11130 approx) it will find its next support around its 34 DMA(10950 approx). Nifty is likely to face its next resistance around its upper Bollinger band (11420 approx). 



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed above its 5 HEMA high(11360 approx). The index is likely to find its next support around its 50 DMA (11290approx). The nearest resistance for Nifty is at its upper Bollinger band (11390 approx).


 


Large Cap, Mid Cap Gainers



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