Nifty Closes Below 11700, Fresh Rally To Start Above 11766


Nifty closed the August expiry below 11700. The index slipped 56 points from its day high of 11697 and went on to make a low of 11641 approx towards the last hour of the day’s trade. In today’s session, selling was witnessed in the 11700 Call option as Nifty traded below the 5 DEMA high (11695 approx) for the major part of the day and closed around 11676 approx. The nearest downside target for the index is around the 10 DMA (11580 approx). A fresh rally will start in Nifty only if the index trades above the daily upper Bollinger band (11766 approx).

Stocks Under The Scanner
In today’s tradeSun Pharma shares rose 3.31%, while GAIL shares rose 2.45%. Eicher Motor shares dropped 2.04% in the course of the day’s trade.





The Outlook for 31st August 2018
Nifty Chart Levels
In today’s session, Nifty traded below the 5 DEMA high (11695 approx) for the major part of the day. The index closed around the 5 DMA (11676 approx) in the last hour of the day’s trade. The 11700 Call option witnessed heavy selling as the index slipped 56 points from the day high of 11697 and went on to make a low of 11641 approx. If the index trades above 11710 tomorrow, it will find its next resistance around the daily upper Bollinger band (11766 approx). A fresh rally will be triggered only if Nifty trades above 11766 approx.



Bank Nifty Chart Levels
In today’s trading, Bank Nifty opened around 28219 approx and witnessed a correction of 220 points. The index made a low of 27966 and closed around 15 DMA (28103 approx). In tomorrows session Bank Nifty is likely to see fast upward movement if it trades above the 5DEMA high (28280 approx) as it will trigger massive short covering in the 28300 and 28400 Call options. The nearest support for Bank Nifty is around the mid-Bollinger band (27960 approx).


 




Large Cap & Mid Cap Gainers




 " data-username="AMPLIFYKOLKATA" data-message="asksdfds">
India’s benchmark Nifty closed the August expiry below 11700. The index slipped 56 points from its day high of 11697 and went on to make a low of 11641 approx towards the last hour of the day’s trade. In today’s session, selling was witnessed in the 11700 Call option as Nifty traded below the 5 DEMA high (11695 approx) for the major part of the day and closed around 11676 approx. The nearest downside target for the index is around the 10 DMA (11580 approx). A fresh rally will start in Nifty only if the index trades above the daily upper Bollinger band (11766 approx).

Stocks Under The Scanner
In today’s tradeSun Pharma shares rose 3.31%, while GAIL shares rose 2.45%. Eicher Motor shares dropped 2.04% in the course of the day’s trade.





The Outlook for 31st August 2018
Nifty Chart Levels
In today’s session, Nifty traded below the 5 DEMA high (11695 approx) for the major part of the day. The index closed around the 5 DMA (11676 approx) in the last hour of the day’s trade. The 11700 Call option witnessed heavy selling as the index slipped 56 points from the day high of 11697 and went on to make a low of 11641 approx. If the index trades above 11710 tomorrow, it will find its next resistance around the daily upper Bollinger band (11766 approx). A fresh rally will be triggered only if Nifty trades above 11766 approx.



Bank Nifty Chart Levels
In today’s trading, Bank Nifty opened around 28219 approx and witnessed a correction of 220 points. The index made a low of 27966 and closed around 15 DMA (28103 approx). In tomorrows session Bank Nifty is likely to see fast upward movement if it trades above the 5DEMA high (28280 approx) as it will trigger massive short covering in the 28300 and 28400 Call options. The nearest support for Bank Nifty is around the mid-Bollinger band (27960 approx).


 




Large Cap & Mid Cap Gainers




 
Recent Articles
Sell Off In Ultratech Cement10th September 2018