Nifty Scales 11759, As Foreign Inflow Increases Due To Rupee Weakness


Nifty scaled past 11750 in today’s session, as the Rupee hit a low of  70.465 and triggered an inflow of foreign funds into the Indian equity markets. The weakness of the INR created carry trade opportunities for FII’s. Profits are magnified for the FII’s when the weakness of the local currency leads to a higher payout for every US Dollar invested in the India markets. Backed by fresh fund flow, Nifty opened at 11733, 41 points above its previous close. The benchmark index took the support of the daily upper Bollinger band (11710 approx) and went on to make a high of 11759. The next target for Nifty is around the hourly Upper Bollinger band (11810 approx). Nifty will find strong support around the 5DEMA high (11650 approx).

Stocks Under The Scanner
In today’s trade Hindalco shares rose 4.17%, while Reliance shares rose 2.40%. Gail shares dropped 4.83% in the course of the day’s trade.



The Outlook for 29th August 2018
Nifty Chart Levels
In today’s session, Nifty opened 41 points gap and went on to make a high of 11759 approx. The index is likely to trade between 11760 and 11650 tomorrow. However, if Nifty breaks and trades above 11760, it will find its next target around the hourly upper Bollinger band (11810 approx). The nearest support for the index is around the 5 DEMA high (11650 approx). If Nifty breaks and trades below 11640, it will find its next support around the 5 DMA (11610 approx).



Bank Nifty Chart Levels
In today’s trading, Bank Nifty witnessed profit booking after it made a high of 28385. The index slipped 230 points intraday and took the support of the 5 DMA (28155 approx). In tomorrows session, if the banking index trades above its 5 DEMA high ( 28320 approx), it will find its next target around the upper Bollinger band (28460 approx). The nearest support for the index is around 28115 approx.







Large Cap & Mid Cap Gainers



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Nifty scaled past 11750 in today’s session, as the Rupee hit a low of  70.465 and triggered an inflow of foreign funds into the Indian equity markets. The weakness of the INR created carry trade opportunities for FII’s. Profits are magnified for the FII’s when the weakness of the local currency leads to a higher payout for every US Dollar invested in the India markets. Backed by fresh fund flow, Nifty opened at 11733, 41 points above its previous close. The benchmark index took the support of the daily upper Bollinger band (11710 approx) and went on to make a high of 11759. The next target for Nifty is around the hourly Upper Bollinger band (11810 approx). Nifty will find strong support around the 5DEMA high (11650 approx).

Stocks Under The Scanner
In today’s trade Hindalco shares rose 4.17%, while Reliance shares rose 2.40%. Gail shares dropped 4.83% in the course of the day’s trade.



The Outlook for 29th August 2018
Nifty Chart Levels
In today’s session, Nifty opened 41 points gap and went on to make a high of 11759 approx. The index is likely to trade between 11760 and 11650 tomorrow. However, if Nifty breaks and trades above 11760, it will find its next target around the hourly upper Bollinger band (11810 approx). The nearest support for the index is around the 5 DEMA high (11650 approx). If Nifty breaks and trades below 11640, it will find its next support around the 5 DMA (11610 approx).



Bank Nifty Chart Levels
In today’s trading, Bank Nifty witnessed profit booking after it made a high of 28385. The index slipped 230 points intraday and took the support of the 5 DMA (28155 approx). In tomorrows session, if the banking index trades above its 5 DEMA high ( 28320 approx), it will find its next target around the upper Bollinger band (28460 approx). The nearest support for the index is around 28115 approx.







Large Cap & Mid Cap Gainers



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