Nifty Drops To 11500 As The Rupee Slips To Its Lifetime Low of 71.945


Nifty witnessed selling for the second day in a row after the Rupee slipped to its lifetime low of 71.945 today. The index saw a selling off 100 points from the day’s high of 11600 approx, after the 10-year bond yield traded above its 4 year high of 8.065 due to the excessive weakness of the currency. Nifty opened around 11599 in the morning and went on to make a low of 11498 towards the last hour of the day’s trade. The index is likely to face stiff resistance around the 15 DMA (11570 approx).
 
Stocks Under The Scanner
In today’s trade Tech Mahindra shares rose 2.73%, while HCL Tech shares rose 2.56%. Grasim shares dropped 4.09% in the course of the day’s trade.



 
The Outlook for 5th September 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty fell 100 points intraday and made a low of 11498 after the 10-year bond yield traded above its 4 years high of 8.065 approx. The sharp rise in the bond yield is an early sign that foreign investments might leave the Indian equity markets in the days ahead. Nifty closed below the mid-Bollinger band (11520 approx) in today’s trading and is likely to face stiff resistance around the 15 DMA (11550 approx). The nearest downside target for the index is around the 34 DMA (11400 approx). However if Nifty trades above the 10 DMA (11600 approx) it will scale up till the 5 DEMA high (11670 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 5 HMA (11520 approx). The index is likely to face stiff resistance around the 5 HEMA high (11550 approx). The nearest downside for the index in the hourly timeframe is around the 200 HMA (11475 approx). However if Nifty trades above the 20 HMA (11600 approx), it will move up to the 50 HMA (11655 approx).





Nifty Large & Mid Cap Stocks





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India’s benchmark Nifty witnessed selling for the second day in a row after the Rupee slipped to its lifetime low of 71.945 today. The index saw a selling off 100 points from the day’s high of 11600 approx, after the 10-year bond yield traded above its 4 year high of 8.065 due to the excessive weakness of the currency. Nifty opened around 11599 in the morning and went on to make a low of 11498 towards the last hour of the day’s trade. The index is likely to face stiff resistance around the 15 DMA (11570 approx).
 
Stocks Under The Scanner
In today’s trade Tech Mahindra shares rose 2.73%, while HCL Tech shares rose 2.56%. Grasim shares dropped 4.09% in the course of the day’s trade.



 
The Outlook for 5th September 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty fell 100 points intraday and made a low of 11498 after the 10-year bond yield traded above its 4 years high of 8.065 approx. The sharp rise in the bond yield is an early sign that foreign investments might leave the Indian equity markets in the days ahead. Nifty closed below the mid-Bollinger band (11520 approx) in today’s trading and is likely to face stiff resistance around the 15 DMA (11550 approx). The nearest downside target for the index is around the 34 DMA (11400 approx). However if Nifty trades above the 10 DMA (11600 approx) it will scale up till the 5 DEMA high (11670 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 5 HMA (11520 approx). The index is likely to face stiff resistance around the 5 HEMA high (11550 approx). The nearest downside for the index in the hourly timeframe is around the 200 HMA (11475 approx). However if Nifty trades above the 20 HMA (11600 approx), it will move up to the 50 HMA (11655 approx).





Nifty Large & Mid Cap Stocks





 
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