Nifty Likely To Consolidate, Breakout Levels 11460-11270


choppy session of trading today, even as it traded between 11449 and 11367. The index is likely to remain in a range of 190 points due to contagion effects caused by the Turkish Lira on the emerging market currencies.

Due to the consolidation phase 5 DEMA high (11460 approx) will act as a stiff resistance. However, if the index breaks and trades above 11495, it will find its next target around the upper Bollinger band (11580 approx). On the downside, the lower Bollinger band (11270 approx) will act as a crucial support. If 11270 is broken, Nifty will find its next target around its 34 DMA (11110 approx). 

Stocks Under The Scanner
In today’s tradeGailshares rose 3.61%, while Dr. Reddyshares rose 3.47%.In the Banking sector, Kotak Mahindra Bank shares dropped 3.71% in the course of the day’s trade.


 
The Outlook for 17th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed below its 10 DMA (11385 approx). The index will find stiff resistance around its 5 DEMA high (11460 approx). Nifty is likely to find immediate support around its 15 DMA (11350 approx). However, if Nifty breaks and trades below 11340, it will find a strong support zone around its lower Bollinger band (11270 approx).



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its 100 HMA (11385 approx). The index is likely to find its next support around its lower Bollinger band (11350 approx). The nearest resistance for Nifty is around its 50 HMA (11430 approx).





Tomorrow’s Stock Pick 

State Bank Of India
SBI is an Indian multinational, public sector banking and financial services company. The company is ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of 2017. It is the largest bank in India with a 23% market share in assets, besides a share of one-fourth of the total loan and deposits market.

Why State Bank Of India 
SBI is our star pick for tomorrow as it has taken the support of its lower Bollinger band (288 approx). The stock price is being impacted by a change in polarity. Such a phenomenon occurs when a stock price breaks and trades above its resistance zone. Thereafter the resistance zone turns into a support zone. SBI is currently trading at 292 and the next target is around its 5 DMA (300 approx). 



Large Cap & Mid Cap Gainers




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India’s benchmark Nifty saw a choppy session of trading today, even as it traded between 11449 and 11367. The index is likely to remain in a range of 190 points due to contagion effects caused by the Turkish Lira on the emerging market currencies.

Due to the consolidation phase 5 DEMA high (11460 approx) will act as a stiff resistance. However, if the index breaks and trades above 11495, it will find its next target around the upper Bollinger band (11580 approx). On the downside, the lower Bollinger band (11270 approx) will act as a crucial support. If 11270 is broken, Nifty will find its next target around its 34 DMA (11110 approx). 

Stocks Under The Scanner
In today’s tradeGailshares rose 3.61%, while Dr. Reddyshares rose 3.47%.In the Banking sector, Kotak Mahindra Bank shares dropped 3.71% in the course of the day’s trade.


 
The Outlook for 17th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed below its 10 DMA (11385 approx). The index will find stiff resistance around its 5 DEMA high (11460 approx). Nifty is likely to find immediate support around its 15 DMA (11350 approx). However, if Nifty breaks and trades below 11340, it will find a strong support zone around its lower Bollinger band (11270 approx).



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its 100 HMA (11385 approx). The index is likely to find its next support around its lower Bollinger band (11350 approx). The nearest resistance for Nifty is around its 50 HMA (11430 approx).





Tomorrow’s Stock Pick 

State Bank Of India
SBI is an Indian multinational, public sector banking and financial services company. The company is ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of 2017. It is the largest bank in India with a 23% market share in assets, besides a share of one-fourth of the total loan and deposits market.

Why State Bank Of India 
SBI is our star pick for tomorrow as it has taken the support of its lower Bollinger band (288 approx). The stock price is being impacted by a change in polarity. Such a phenomenon occurs when a stock price breaks and trades above its resistance zone. Thereafter the resistance zone turns into a support zone. SBI is currently trading at 292 and the next target is around its 5 DMA (300 approx). 



Large Cap & Mid Cap Gainers




 
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