Nifty Extends Gain, PSU Banks Shine, RBI To Keep Rates Unchanged


bullish momentum in today’s trade as it opened at 11297, 19 points above its previous close. The index saw a brief correction in the early hours of the day and thereafter bounced back more than 60 points from its support around the 5 EMA high (11260 approx). Nifty closed above its upper Bollinger band of (11320 approx) at the end of day’s trade. Today’s bullish sentiment was triggered by strong buying in the PSU bank shares which moved up more than 4% intraday. Bank Of Baroda was the star performer as it rallied more than10% in today’s trading session. The rally in the PSU shares is an early sign that the RBI might leave its repo rates unchanged at 6.25% during the bi-monthly monetary policy due on the 1st of August.

Stocks Under The Scanner 
In today’s trade Bank Of Baroda, shares rose 10.59 %, while ICICI Bank and IDFC Bank shares were up 4.88% and 4.83% respectively. Among the top losers were HDFC bank and Infosys which were down 1.7% and 1.63% respectively. 

Outlook For 31st July 2018 
Nifty Daily Chart Levels 
In today’s trading, Nifty registered a fresh high of 11327, the index closed above its upper Bollinger band (11320 approx). The benchmark index has continued its buying momentum on the 1st day of the week and is likely to find strong support around its 5 DMA(11200 approx). However Nifty will find its first resistance around its weekly upper Bollinger band (11350 approx).



Nifty Hourly Chart Levels 
In the hourly charts, the Nifty share price has closed around its 5 HEMA high ( 11320 approx). The index is likely to find a strong support around its 20 HMA( 11250 approx). However, if Nifty breaks and trades below its 34 HMA ( 11200 approx) it will find its next support around its lower Bollinger band (11140 approx). The nearest resistance for Nifty is around its hourly upper Bollinger band (11360 approx).





Large Cap & Mid Cap Gainers






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India's benchmark Nifty continued its bullish momentum in today’s trade as it opened at 11297, 19 points above its previous close. The index saw a brief correction in the early hours of the day and thereafter bounced back more than 60 points from its support around the 5 EMA high (11260 approx). Nifty closed above its upper Bollinger band of (11320 approx) at the end of day’s trade. Today’s bullish sentiment was triggered by strong buying in the PSU bank shares which moved up more than 4% intraday. Bank Of Baroda was the star performer as it rallied more than10% in today’s trading session. The rally in the PSU shares is an early sign that the RBI might leave its repo rates unchanged at 6.25% during the bi-monthly monetary policy due on the 1st of August.

Stocks Under The Scanner 
In today’s trade Bank Of Baroda, shares rose 10.59 %, while ICICI Bank and IDFC Bank shares were up 4.88% and 4.83% respectively. Among the top losers were HDFC bank and Infosys which were down 1.7% and 1.63% respectively. 

Outlook For 31st July 2018 
Nifty Daily Chart Levels 
In today’s trading, Nifty registered a fresh high of 11327, the index closed above its upper Bollinger band (11320 approx). The benchmark index has continued its buying momentum on the 1st day of the week and is likely to find strong support around its 5 DMA(11200 approx). However Nifty will find its first resistance around its weekly upper Bollinger band (11350 approx).



Nifty Hourly Chart Levels 
In the hourly charts, the Nifty share price has closed around its 5 HEMA high ( 11320 approx). The index is likely to find a strong support around its 20 HMA( 11250 approx). However, if Nifty breaks and trades below its 34 HMA ( 11200 approx) it will find its next support around its lower Bollinger band (11140 approx). The nearest resistance for Nifty is around its hourly upper Bollinger band (11360 approx).





Large Cap & Mid Cap Gainers






 
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