Nifty Closes Week In The Red, Put Buyers Build Fresh Positions


Nifty showed ample signs of weakness as it closed 40 points below its previous day’s close of 11470. Aggressive profit booking was also observed today as the index gave away 65 points from its recent high of 11495 and traded below its 5 DEMA high ( 11450 approx) for the major part of the day. Fresh Put option buying was witnessed after Nifty broke its 5 DMA support of (11425 approx) and made a low of 11421 towards the last hour of the day’s trade. New positions were built in the 11400,11300 and 11200 strike put options as the index closed near its day's low at 11429. The nearest downside target for Nifty is around its 10 DMA ( 11370approx).

Stocks Under The Scanner
In today’s trade Eicher Motors shares rose 5.15%, while BPCL shares rose 3.10%. In the banking space, SBI shares dropped 4.63% in the course of the day’s trade.


 
The Outlook for 13th August 2018
Nifty Daily Chart Levels
In today’s trade, Nifty closed below its 5 DEMA high (11429 approx), indicating that the buyers were in a hurry to book profit in the market. The nearest support for the index is around its 5 DMA (11420 approx). However, if Nifty breaks and trades below its 10 DMA (11370 approx), it will find its next support zone around its 15 DMA (11300 approx). Buyers are likely to re-enter the market, only if Nifty trades above its average price of 11450.



Nifty Hourly Chart Levels
In the hourly trading session, the Nifty share price has closed below its 34 HMA (11429 approx). The index is likely to find its next support around its 50 HMA (11400 approx). However, if Nifty breaks and trades above its 20 HMA (11450 approx) it will find its next resistance around its upper Bollinger band (11490 approx). 





Large Cap & Mid Cap Gainers



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In today’s trading session, Nifty showed ample signs of weakness as it closed 40 points below its previous day’s close of 11470. Aggressive profit booking was also observed today as the index gave away 65 points from its recent high of 11495 and traded below its 5 DEMA high ( 11450 approx) for the major part of the day. Fresh Put option buying was witnessed after Nifty broke its 5 DMA support of (11425 approx) and made a low of 11421 towards the last hour of the day’s trade. New positions were built in the 11400,11300 and 11200 strike put options as the index closed near its day's low at 11429. The nearest downside target for Nifty is around its 10 DMA ( 11370approx).

Stocks Under The Scanner
In today’s trade Eicher Motors shares rose 5.15%, while BPCL shares rose 3.10%. In the banking space, SBI shares dropped 4.63% in the course of the day’s trade.


 
The Outlook for 13th August 2018
Nifty Daily Chart Levels
In today’s trade, Nifty closed below its 5 DEMA high (11429 approx), indicating that the buyers were in a hurry to book profit in the market. The nearest support for the index is around its 5 DMA (11420 approx). However, if Nifty breaks and trades below its 10 DMA (11370 approx), it will find its next support zone around its 15 DMA (11300 approx). Buyers are likely to re-enter the market, only if Nifty trades above its average price of 11450.



Nifty Hourly Chart Levels
In the hourly trading session, the Nifty share price has closed below its 34 HMA (11429 approx). The index is likely to find its next support around its 50 HMA (11400 approx). However, if Nifty breaks and trades above its 20 HMA (11450 approx) it will find its next resistance around its upper Bollinger band (11490 approx). 





Large Cap & Mid Cap Gainers



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