Nifty Witnesses Short Covering Ahead Of Trading Holiday, Closes At 11370


Nifty witnessed massive short covering in today’s session ahead of the scheduled trading holiday tomorrow. Markets underwent high volatility as Put buyers continued to cover their positions throughout the day and Nifty bounced back 120 points from the day’s low of 11251. The index did not trade below 11230 as sharp intraday volatility led to an excessive expansion in options gamma and forced Put buyers to cover their positions ahead of the trading holiday. Today’s Option Greek calculations indicate that Nifty is likely to face resistance around 11445 on Friday morning.

Stocks Under The Scanner
In today’s trade Power Grid shares rose 1.72%, while Sun Pharma shares rose 3.04%. Axis Bank shares dropped 2.18% in the course of the day’s trade.



The Outlook for 14th September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty bounced back 120 points from the day’s low of 11251 as Put buyers covered their positions ahead of the trading holiday tomorrow. Markets witnessed massive volatility today due to the excessive expansion of Option gamma. Going forward, Nifty is likely to face the first round of resistance around 11445. However even if Nifty trades above 11460, it will face selling pressure around the 5 DEMA high (11512 approx). On the downside, if Nifty trades below the 50 DMA (11270 approx) it will slip down to 11226 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the hourly mid-Bollinger band (11370approx). The index is likely to face resistance around the 34 HMA (11450approx). However, if Nifty breaks and trades above the 50 HMA (11470approx), it will scale up to the 200HMA (11535approx). The nearest downside target for Nifty is around the 5 HMA (11330approx).





Nifty Large & Mid Cap Stocks




 " data-username="AMPLIFYKOLKATA" data-message="asksdfds">
Nifty witnessed massive short covering in today’s session ahead of the scheduled trading holiday tomorrow. Markets underwent high volatility as Put buyers continued to cover their positions throughout the day and Nifty bounced back 120 points from the day’s low of 11251. The index did not trade below 11230 as sharp intraday volatility led to an excessive expansion in options gamma and forced Put buyers to cover their positions ahead of the trading holiday. Today’s Option Greek calculations indicate that Nifty is likely to face resistance around 11445 on Friday morning.

Stocks Under The Scanner
In today’s trade Power Grid shares rose 1.72%, while Sun Pharma shares rose 3.04%. Axis Bank shares dropped 2.18% in the course of the day’s trade.



The Outlook for 14th September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty bounced back 120 points from the day’s low of 11251 as Put buyers covered their positions ahead of the trading holiday tomorrow. Markets witnessed massive volatility today due to the excessive expansion of Option gamma. Going forward, Nifty is likely to face the first round of resistance around 11445. However even if Nifty trades above 11460, it will face selling pressure around the 5 DEMA high (11512 approx). On the downside, if Nifty trades below the 50 DMA (11270 approx) it will slip down to 11226 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the hourly mid-Bollinger band (11370approx). The index is likely to face resistance around the 34 HMA (11450approx). However, if Nifty breaks and trades above the 50 HMA (11470approx), it will scale up to the 200HMA (11535approx). The nearest downside target for Nifty is around the 5 HMA (11330approx).





Nifty Large & Mid Cap Stocks




 
Recent Articles
Sell Off In Ultratech Cement10th September 2018