Nifty Breaks Crucial Support AS BOE Hikes Rates, Downside Target At 11130


Nifty underwent the first round of selling today and closed well below its crucial support of 11290 ( 5 DMA approx). The index displayed evident signs of selling pressure early in the day when it opened at 11324, 20 points below its previous closing of 11346. Midway through the day’s trade, Nifty broke its sentimental support of 11315 (5 DEMA high approx.). The index is likely to see further selling of 100 odd points till 11131(15 DMA approx). The Bank Of England has hiked its benchmark rates to 0.75% on expected lines. Higher lending rates in the UK might lead to excess stiffening of the Indian Rupee. A strong Rupee could trigger a selloff in the Indian equity markets under the expectation that India’s export figures are likely to drop in the coming days.

Stocks Under The Scanner
In today’s tradeLupin shares rose 2.64%, while Dr. Reddy’s shares rose 2.36%. Kotak Mahindra Bank shares dropped 2.61% in the course of the day’s trade.



The Outlook for 3rd August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11244, below its crucial support at 11290 (5 DMA approx.). The index is likely to find its next support around 11130 (15 DMA approx). However, if the index breaks and trades below 11075(20 DMA approx), it will find its next support around its 10930(34 DMA approx). Nifty is likely to face its next resistance around 11320(5 DEMA high approx). 



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around 11244 (lower Bollinger band approx). The index is likely to come under selling pressure but will find its next support around 11150 (100 HMA approx). The nearest resistance for Nifty is at 11270 (50 HMA approx).





Large Cap, Mid Cap Gainers



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India’s benchmark Nifty underwent the first round of selling today and closed well below its crucial support of 11290 ( 5 DMA approx). The index displayed evident signs of selling pressure early in the day when it opened at 11324, 20 points below its previous closing of 11346. Midway through the day’s trade, Nifty broke its sentimental support of 11315 (5 DEMA high approx.). The index is likely to see further selling of 100 odd points till 11131(15 DMA approx). The Bank Of England has hiked its benchmark rates to 0.75% on expected lines. Higher lending rates in the UK might lead to excess stiffening of the Indian Rupee. A strong Rupee could trigger a selloff in the Indian equity markets under the expectation that India’s export figures are likely to drop in the coming days.

Stocks Under The Scanner
In today’s tradeLupin shares rose 2.64%, while Dr. Reddy’s shares rose 2.36%. Kotak Mahindra Bank shares dropped 2.61% in the course of the day’s trade.



The Outlook for 3rd August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11244, below its crucial support at 11290 (5 DMA approx.). The index is likely to find its next support around 11130 (15 DMA approx). However, if the index breaks and trades below 11075(20 DMA approx), it will find its next support around its 10930(34 DMA approx). Nifty is likely to face its next resistance around 11320(5 DEMA high approx). 



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around 11244 (lower Bollinger band approx). The index is likely to come under selling pressure but will find its next support around 11150 (100 HMA approx). The nearest resistance for Nifty is at 11270 (50 HMA approx).





Large Cap, Mid Cap Gainers



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