Nifty Tanks 180 Points As Petrol Prices Skyrocket And Rupee Tanks Further


Nifty witnessed selling pressure today as the markets grew wary of the abnormal weakness of the INR which triggered a sharp rise in petrol and diesel prices across the country. The index tanked 185 points intraday due to the weakness of the Rupee which made a low of 71.115 and pushed petrol prices to record highs of Rs.86.56/ liter in Mumbai. The benchmark index faced selling pressure after opening around 11736 and then slipped from the day’s high and went on to make a low of 11567 approx. Nifty is likely to face stiff resistance around the 5 DEMA high (11730 approx). The nearest downside target for the index is around the daily mid -Bollinger band (11500 approx).

Stocks Under The Scanner
In today’s trade Dr. Reddy shares rose 3.85%, while Wipro shares rose 2.62%. Bajaj Finance shares dropped 4.7% in the course of the day’s trade.



The Outlook for 4th September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened around 11736 and witnessed selling pressure around the day high of 11752 approx. The index fell by 185 points and made a low of 11567. The nearest downside target for Nifty is around the mid-Bollinger band (11500 approx). However, if Nifty trades above the 5 DEMA high (11730 approx) it is likely to scale up till the daily upper Bollinger band (11780 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 100 HMA (11582 approx). The index is likely to face stiff resistance around the 5 HEMA high (11665 approx). The nearest downside for the index in the hourly timeframe is around the 200 HMA (11475 approx).   However, if Nifty trades above the hourly mid-Bollinger band (11690 approx), it will climb till its hourly upper Bollinger band (11745 approx).





Nifty Large & Mid Cap Stocks






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India’s benchmark Nifty witnessed selling pressure today as the markets grew wary of the abnormal weakness of the INR which triggered a sharp rise in petrol and diesel prices across the country. The index tanked 185 points intraday due to the weakness of the Rupee which made a low of 71.115 and pushed petrol prices to record highs of Rs.86.56/ liter in Mumbai. The benchmark index faced selling pressure after opening around 11736 and then slipped from the day’s high and went on to make a low of 11567 approx. Nifty is likely to face stiff resistance around the 5 DEMA high (11730 approx). The nearest downside target for the index is around the daily mid -Bollinger band (11500 approx).

Stocks Under The Scanner
In today’s trade Dr. Reddy shares rose 3.85%, while Wipro shares rose 2.62%. Bajaj Finance shares dropped 4.7% in the course of the day’s trade.



The Outlook for 4th September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened around 11736 and witnessed selling pressure around the day high of 11752 approx. The index fell by 185 points and made a low of 11567. The nearest downside target for Nifty is around the mid-Bollinger band (11500 approx). However, if Nifty trades above the 5 DEMA high (11730 approx) it is likely to scale up till the daily upper Bollinger band (11780 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 100 HMA (11582 approx). The index is likely to face stiff resistance around the 5 HEMA high (11665 approx). The nearest downside for the index in the hourly timeframe is around the 200 HMA (11475 approx).   However, if Nifty trades above the hourly mid-Bollinger band (11690 approx), it will climb till its hourly upper Bollinger band (11745 approx).





Nifty Large & Mid Cap Stocks






 
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