Negative Divergence In Nifty, Profit Booking Expected Till 11520


Nifty traded in a narrow range today and closed with a negative divergence in the daily charts. The benchmark index witnessed bouts of profit booking around yesterday’s upper Bollinger band (11580 approx) which also acted as a stiff resistance throughout the day. Today’s profit taking session pushed Nifty down by 42 points from its day high and the index went on to make a low of 11539. Call option buyers also have squared off positions in the 11600 and 11700 strikes. The benchmark index might witness further downside till 11520 on Thursday’s trading session. 

Stocks Under The Scanner
In today’s trade UPL shares rose 5.01%, while Tech Mahindra shares rose 2.99%. Tata Steel shares dropped 2.57% in the course of the day’s trade.



The Outlook for 23rd August 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened at 11581 and traded in a range of 42 points throughout the day. The index closed with a negative divergence in the daily charts. On Thursday’s trading session, the index is likely to find stiff resistance around its upper Bollinger band (116010 approx). The nearest downside target for Nifty is around its 5 DEMA high (11520 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 5 HEMA high (11570 approx). The index is likely to find stiff resistance around the hourly upper Bollinger band (11610 approx). The nearest downside for Nifty is around the 20 HMA (11522 approx).





Tomorrow’s Stock Pick

Tata Motors
Tata Motors is an Indian multinational automotive manufacturing company and a member of the Tata Group. Its products include passenger cars, trucks, vans, coaches, buses, sports cars, construction equipment and military vehicles.

Why Tata Motors
Tata Motors is our star pick for Thursday as it has formed a falling wedge in the daily chart. The stock price has given an upside breakout above around the 5 DEMA high (265 approx). The upside target is around the 5 monthly EMA (310 approx).



Large Cap & Mid Cap Gainers




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Nifty traded in a narrow range today and closed with a negative divergence in the daily charts. The benchmark index witnessed bouts of profit booking around yesterday’s upper Bollinger band (11580 approx) which also acted as a stiff resistance throughout the day. Today’s profit taking session pushed Nifty down by 42 points from its day high and the index went on to make a low of 11539. Call option buyers also have squared off positions in the 11600 and 11700 strikes. The benchmark index might witness further downside till 11520 on Thursday’s trading session. 

Stocks Under The Scanner
In today’s trade UPL shares rose 5.01%, while Tech Mahindra shares rose 2.99%. Tata Steel shares dropped 2.57% in the course of the day’s trade.



The Outlook for 23rd August 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened at 11581 and traded in a range of 42 points throughout the day. The index closed with a negative divergence in the daily charts. On Thursday’s trading session, the index is likely to find stiff resistance around its upper Bollinger band (116010 approx). The nearest downside target for Nifty is around its 5 DEMA high (11520 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 5 HEMA high (11570 approx). The index is likely to find stiff resistance around the hourly upper Bollinger band (11610 approx). The nearest downside for Nifty is around the 20 HMA (11522 approx).





Tomorrow’s Stock Pick

Tata Motors
Tata Motors is an Indian multinational automotive manufacturing company and a member of the Tata Group. Its products include passenger cars, trucks, vans, coaches, buses, sports cars, construction equipment and military vehicles.

Why Tata Motors
Tata Motors is our star pick for Thursday as it has formed a falling wedge in the daily chart. The stock price has given an upside breakout above around the 5 DEMA high (265 approx). The upside target is around the 5 monthly EMA (310 approx).



Large Cap & Mid Cap Gainers




 
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