Nifty Bounces Back On Short Covering, As Turkish Lira Gains 7%


Turkish Lira gained more than 7% in intraday trade. A massive short covering was also witnessed in the 11300 and 11200 put options as Nifty recovered more than 100 points from its previous day’s low of 11340. Today’s rally revealed that buyers have returned to the market as the index has closed convincingly above its 5 DMA (11435 approx). Nifty call option buyers booked more than 55% returns on their investments in today’s trading session. The 11500, 11600 and 11700 strike call options generated 56%, 70% and 67% returns on an intraday basis. Buying is likely to continue if Nifty sustains above its 5 DEMA high (11450 approx).

Stocks Under The Scanner
In today’s trade Sun Pharma shares rose 7.39%, while Yes Bank shares rose 3.45%.In the chemical sector, UPL shares dropped 2.64% in the course of the day’s trade.



The Outlook for 16th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty recovered more than 100 points from its previous day’s low of 11340. The index closed convincingly above its 5 DMA (11435 approx). Nifty is likely to find strong support around its 10 DMA (11380 approx). The nearest upside target for Nifty is around its upper Bollinger band (11580 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its 5 HEMA high (11435 approx). The index is likely to find strong support around its 100 HMA (11370 approx). The nearest upside target for Nifty is around its hourly Upper Bollinger band (11470 approx).





AsianPaints
The company in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. Asian Paints is India's largest and Asia's second largest paints corporation. As of 2015, it has the largest market share with 54.1% in the Indian paint industry. Asian Paints is the holding company of Berger International.

Why Asian Paints 
Asian Paints is our star pick for Wednesday as it is has formed a bull flag pattern in the daily charts. The nearest support for Asian Paints is around its 34 DMA (1382approx). If the stock trades above its 20 DMA(1421approx) and gives a breakout above it's 5 DMA high (1436 approx), it will find its next target around its Upper Bollinger band (1463 approx).



Large Cap & Mid Cap Gainers




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The Bulls staged a convincing recovery in Nifty today after the Turkish Lira gained more than 7% in intraday trade. A massive short covering was also witnessed in the 11300 and 11200 put options as Nifty recovered more than 100 points from its previous day’s low of 11340. Today’s rally revealed that buyers have returned to the market as the index has closed convincingly above its 5 DMA (11435 approx). Nifty call option buyers booked more than 55% returns on their investments in today’s trading session. The 11500, 11600 and 11700 strike call options generated 56%, 70% and 67% returns on an intraday basis. Buying is likely to continue if Nifty sustains above its 5 DEMA high (11450 approx).

Stocks Under The Scanner
In today’s trade Sun Pharma shares rose 7.39%, while Yes Bank shares rose 3.45%.In the chemical sector, UPL shares dropped 2.64% in the course of the day’s trade.



The Outlook for 16th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty recovered more than 100 points from its previous day’s low of 11340. The index closed convincingly above its 5 DMA (11435 approx). Nifty is likely to find strong support around its 10 DMA (11380 approx). The nearest upside target for Nifty is around its upper Bollinger band (11580 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its 5 HEMA high (11435 approx). The index is likely to find strong support around its 100 HMA (11370 approx). The nearest upside target for Nifty is around its hourly Upper Bollinger band (11470 approx).





AsianPaints
The company in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. Asian Paints is India's largest and Asia's second largest paints corporation. As of 2015, it has the largest market share with 54.1% in the Indian paint industry. Asian Paints is the holding company of Berger International.

Why Asian Paints 
Asian Paints is our star pick for Wednesday as it is has formed a bull flag pattern in the daily charts. The nearest support for Asian Paints is around its 34 DMA (1382approx). If the stock trades above its 20 DMA(1421approx) and gives a breakout above it's 5 DMA high (1436 approx), it will find its next target around its Upper Bollinger band (1463 approx).



Large Cap & Mid Cap Gainers




 
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