Nifty Closes Above 11500, Tilts Slightly In Favor Of Buyers Due To Massive Short Covering


bounced back more than 200 points from the recent low of 11394 in the last three trading sessions and has made a high of 11603 today. Nifty closed around 11590 today, which is significantly important as it has titled the index slightly in favor of the buyers. However, Nifty is not completely out of the seller's grip unless it closes above the daily upper-Bollinger band (11776 approx).

Stocks Under The Scanner
In today’s trade Heromotocorp shares rose 5.50%, while Bajaj Auto shares rose 5.13%.YesBank shares dropped 4.58% in the course of the day’s trade.



The Outlook for 10th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty witnessed above-average volatility for the second day in a row as options premiums remained high throughout the day. The index opened at 11543 in the morning and slipped down to make a low of 11484. However, Nifty remained confined between the trading-range of the “Option Greeks Indicator” (11611-11460 approx) throughout the day. Going forward, the index is likely to face resistance around the 5 DEMA high (11625 approx). However, if the index trades above 11633 approx, it will scale up to 11695 approx. On the downside, the nearest support for Nifty is around the 5 DMA (11528 approx). If Nifty breaks and trades below 11500, it will find its next zone of support around the 34 DMA(11446 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed above the 5 HEMA high (11590 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (11620 approx). However, if Nifty breaks and trades below the 10 HMA (11530 approx), the nearest downside target is around the hourly mid-Bollinger band (11500 approx).





Nifty Large & Mid Cap Stocks




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Nifty witnessed massive short covering today and the index closed above 11500 as sellers unwound their positions on the last trading day of the week. The index has bounced back more than 200 points from the recent low of 11394 in the last three trading sessions and has made a high of 11603 today. Nifty closed around 11590 today, which is significantly important as it has titled the index slightly in favor of the buyers. However, Nifty is not completely out of the seller's grip unless it closes above the daily upper-Bollinger band (11776 approx).

Stocks Under The Scanner
In today’s trade Heromotocorp shares rose 5.50%, while Bajaj Auto shares rose 5.13%.YesBank shares dropped 4.58% in the course of the day’s trade.



The Outlook for 10th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty witnessed above-average volatility for the second day in a row as options premiums remained high throughout the day. The index opened at 11543 in the morning and slipped down to make a low of 11484. However, Nifty remained confined between the trading-range of the “Option Greeks Indicator” (11611-11460 approx) throughout the day. Going forward, the index is likely to face resistance around the 5 DEMA high (11625 approx). However, if the index trades above 11633 approx, it will scale up to 11695 approx. On the downside, the nearest support for Nifty is around the 5 DMA (11528 approx). If Nifty breaks and trades below 11500, it will find its next zone of support around the 34 DMA(11446 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed above the 5 HEMA high (11590 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (11620 approx). However, if Nifty breaks and trades below the 10 HMA (11530 approx), the nearest downside target is around the hourly mid-Bollinger band (11500 approx).





Nifty Large & Mid Cap Stocks




 
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