Nifty Bulls Face Stiff Resistance Near All-Time High As Rupee Weakens


Nifty bulls faced a stiff round of resistance around 11427 in today’s trading session. The index opened at 11400 this morning, however, failed to sustain its buying momentum after the Rupee inched close to its weekly high of 68.85. Steady profit booking was observed in Nifty today, around 11395 approx. The bears might launch a counterattack tomorrow, if Nifty fails to sustain above its 5 DEMA high (11365 approx). However, the Nifty will find a strong support around its 15 DMA (11180 approx), if a selloff is triggered in case the Rupee weakens and trades above its weekly high of 68.85.

Stocks Under The Scanner
In today’s trade Axis Bank shares rose 3.68%, while SBI shares rose 3.2%.Tech GAIL shares dropped3.01% in the course of the day’s trade.





The Outlook for 7th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed near its 3DEMA high (11387 approx). The index traded in a narrow range of 55 points between 11427 and 11372 after the Rupee weakened and the bulls faced stiff resistance around 11395 approx. However, Nifty will find its nearest support around its 5 DEMA high (11360 approx). If the index is likely to face its next resistance around its upper Bollinger band (11450 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 10 HMA(11387approx). The index is likely to find its next support around its 15HMA (11370approx). The nearest resistance for Nifty is at its 5 HEMA high (11400approx).





The Outlook For 7th August 2018
Bank Nifty Daily Chart Levels
In today’s trading session, Bank Nifty share price closed around 27898 approx. The index moved up by 190 points from its intraday low of 27802 and made a high of 27992 approx. The banking index is likely to find strong support around its 5 DEMA high (27765approx). However, if Bank Nifty breaks and trades below its 5 DMA (27660approx), it will find its next support around its 10 DMA (27500approx). 



Bank Nifty Hourly Chart Levels
In the hourly trades, Bank Nifty share price has closed above its 10HMA (27898 approx). The index is likely to find a strong support around its 15HMA ( 27780 approx). However, the next zone of resistance for Bank Nifty will be around its 5 HEMA high(27940 approx).





Large Cap & Mid Cap Gainers




 " data-username="AMPLIFYKOLKATA" data-message="asksdfds">
Nifty bulls faced a stiff round of resistance around 11427 in today’s trading session. The index opened at 11400 this morning, however, failed to sustain its buying momentum after the Rupee inched close to its weekly high of 68.85. Steady profit booking was observed in Nifty today, around 11395 approx. The bears might launch a counterattack tomorrow, if Nifty fails to sustain above its 5 DEMA high (11365 approx). However, the Nifty will find a strong support around its 15 DMA (11180 approx), if a selloff is triggered in case the Rupee weakens and trades above its weekly high of 68.85.

Stocks Under The Scanner
In today’s trade Axis Bank shares rose 3.68%, while SBI shares rose 3.2%.Tech GAIL shares dropped3.01% in the course of the day’s trade.





The Outlook for 7th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed near its 3DEMA high (11387 approx). The index traded in a narrow range of 55 points between 11427 and 11372 after the Rupee weakened and the bulls faced stiff resistance around 11395 approx. However, Nifty will find its nearest support around its 5 DEMA high (11360 approx). If the index is likely to face its next resistance around its upper Bollinger band (11450 approx).



Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed near its 10 HMA(11387approx). The index is likely to find its next support around its 15HMA (11370approx). The nearest resistance for Nifty is at its 5 HEMA high (11400approx).





The Outlook For 7th August 2018
Bank Nifty Daily Chart Levels
In today’s trading session, Bank Nifty share price closed around 27898 approx. The index moved up by 190 points from its intraday low of 27802 and made a high of 27992 approx. The banking index is likely to find strong support around its 5 DEMA high (27765approx). However, if Bank Nifty breaks and trades below its 5 DMA (27660approx), it will find its next support around its 10 DMA (27500approx). 



Bank Nifty Hourly Chart Levels
In the hourly trades, Bank Nifty share price has closed above its 10HMA (27898 approx). The index is likely to find a strong support around its 15HMA ( 27780 approx). However, the next zone of resistance for Bank Nifty will be around its 5 HEMA high(27940 approx).





Large Cap & Mid Cap Gainers




 
Recent Articles
Sell Off In Ultratech Cement10th September 2018