Nifty Closes Below 11300, As Britain Sets Brexit Deadline And Pound Soars


Nifty tanked more than 200 points intraday as the UK settled for a mid-November Brexit deadline. The index opened around 11478 in the morning and witnessed relentless selling even as the Pound Sterling soared to 1.3086 today. Towards the last hour of trade,Nifty made a low of 11274 even as India’s 5-year and 2-year bonds yield spreads flattened. The 5- and 2-year bond yield spread stood at 0.237 when the index closed below the daily lower-Bollinger band (11287 approx) at 3:30 in the afternoon.

Stocks Under The Scanner
In today’s trade Coal India shares rose 1.72%, while M&M shares rose 1.03%.Titan shares dropped 4.50% in the course of the day’s trade.



The Outlook for 12th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty slipped more than 200 points from the day’s high of 11479 as the UK braced for a mid-November Brexit deadline. The Pound Sterling soared to 1.0386 and pushed down Nifty to the 50 DMA (11274 approx). The index closed below the daily lower-Bollinger band (11287 approx) signaling a strong presence of sellers in the market. Going forward, Nifty will face stiff resistance around 11433 approx. However, even if the index scales above 11440, it is likely to face selling pressure around the 5 DEMA high (11510 approx). If Nifty breaks and trades below 11230, the nearest downside target will be around 11100 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the hourly lower-Bollinger band (11287approx). The index is likely to face stiff resistance around the 15 HMA (11435approx). However, if Nifty breaks and trades above the 20 HMA (11460approx), it will scale up to the 50 HMA (11500approx). The nearest downside target for Nifty is around 11230 approx.





Nifty Large & Mid Cap Stocks




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Nifty tanked more than 200 points intraday as the UK settled for a mid-November Brexit deadline. The index opened around 11478 in the morning and witnessed relentless selling even as the Pound Sterling soared to 1.3086 today. Towards the last hour of trade,Nifty made a low of 11274 even as India’s 5-year and 2-year bonds yield spreads flattened. The 5- and 2-year bond yield spread stood at 0.237 when the index closed below the daily lower-Bollinger band (11287 approx) at 3:30 in the afternoon.

Stocks Under The Scanner
In today’s trade Coal India shares rose 1.72%, while M&M shares rose 1.03%.Titan shares dropped 4.50% in the course of the day’s trade.



The Outlook for 12th September 2018
Nifty Daily Chart Levels
In today’s session, Nifty slipped more than 200 points from the day’s high of 11479 as the UK braced for a mid-November Brexit deadline. The Pound Sterling soared to 1.0386 and pushed down Nifty to the 50 DMA (11274 approx). The index closed below the daily lower-Bollinger band (11287 approx) signaling a strong presence of sellers in the market. Going forward, Nifty will face stiff resistance around 11433 approx. However, even if the index scales above 11440, it is likely to face selling pressure around the 5 DEMA high (11510 approx). If Nifty breaks and trades below 11230, the nearest downside target will be around 11100 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the hourly lower-Bollinger band (11287approx). The index is likely to face stiff resistance around the 15 HMA (11435approx). However, if Nifty breaks and trades above the 20 HMA (11460approx), it will scale up to the 50 HMA (11500approx). The nearest downside target for Nifty is around 11230 approx.





Nifty Large & Mid Cap Stocks




 
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