Buy Trend In Nifty Continues, Trend Reversal Below 11320


Nifty saw fresh buying today even as it went on to make a new high of 11458 in the last hour of the day’s trade. The index has closed convincingly above its 5 DEMA high (11450 approx) indicating that buyers are firmly in control of the market. In the early hours of trading today, Nifty took the support of its 5 DMA (11380 approx) and thereafter breached its previous high of 11428 and moved up by 78 points to register a new high of 11458. Nifty call option buyers booked more than 45% returns on their investments in today’s trading session. The 11500, 11600 and 11700 strike call options generated 46%, 56% and 59% returns on an intraday basis. Buying is likely to continue in Nifty unless it breaks and trades below its 10 DMA (11320 approx).  

Stocks Under The Scanner
In today’s trade ONGC shares rose 3.13%, while Reliance shares rose 3.09%. Lupin shares dropped 5.13% in the course of the day’s trade.



The Outlook for 8th August 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened 19 points gap up at 11409, thereafter the index took the support of its 5 DMA (11380 approx) and went on to make a high of 11458. Towards the end of the day’s trade, Nifty closed convincingly above its 5 DEMA high ( 11450 approx) signaling a strong presence of buyers in the market. The index is likely to find a strong support around its 10 DMA (11320 approx). However, the next zone of resistance for Nifty will be around its upper Bollinger band (11510 approx)



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 5 HEMA high (11450 approx). The index is likely to find its next support around its 20 HMA (11400 approx). However, the nearest resistance for Nifty is around its hourly upper Bollinger band (11460 approx).





Large Cap & Mid Cap Gainers



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India’s benchmark Nifty saw fresh buying today even as it went on to make a new high of 11458 in the last hour of the day’s trade. The index has closed convincingly above its 5 DEMA high (11450 approx) indicating that buyers are firmly in control of the market. In the early hours of trading today, Nifty took the support of its 5 DMA (11380 approx) and thereafter breached its previous high of 11428 and moved up by 78 points to register a new high of 11458. Nifty call option buyers booked more than 45% returns on their investments in today’s trading session. The 11500, 11600 and 11700 strike call options generated 46%, 56% and 59% returns on an intraday basis. Buying is likely to continue in Nifty unless it breaks and trades below its 10 DMA (11320 approx).  

Stocks Under The Scanner
In today’s trade ONGC shares rose 3.13%, while Reliance shares rose 3.09%. Lupin shares dropped 5.13% in the course of the day’s trade.



The Outlook for 8th August 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened 19 points gap up at 11409, thereafter the index took the support of its 5 DMA (11380 approx) and went on to make a high of 11458. Towards the end of the day’s trade, Nifty closed convincingly above its 5 DEMA high ( 11450 approx) signaling a strong presence of buyers in the market. The index is likely to find a strong support around its 10 DMA (11320 approx). However, the next zone of resistance for Nifty will be around its upper Bollinger band (11510 approx)



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 5 HEMA high (11450 approx). The index is likely to find its next support around its 20 HMA (11400 approx). However, the nearest resistance for Nifty is around its hourly upper Bollinger band (11460 approx).





Large Cap & Mid Cap Gainers



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