Profit Booking In Nifty As China GDP Shrinks, Big Moves Above 11110 Or Below 10900


Nifty started the week on a low and closed near its hourly lower Bollinger band (10940 approx). The index opened at 11017, almost flat from its previous close of 11019. In today’s session, the index traded in a range of 91 points between 11018 and 10927 and closed 81 points below its intraday high. Today is the first trading day of the current week, profit booking was seen amongst major market participants. In the options space, call writers were active and put writers booked profit in the market. Nifty unlikely to see fast selling in the coming days until it breaks 10900 levels and on the upside 11110 is a big hurdle for the index.

Stocks Under The Scanner
In today's trade Tech Mahindra share price rose 2.58%, while NTPC share price was also up 1.44%. Shares of Dr.Reddy were down by 9.43%.



The Outlook for 17th July 2018
Daily Chart Levels
In today's trade, Nifty share price took the support of its 5 EMA low( 10924 approx). The index closed on a weak note around its three day low (10923 approx). Nifty is likely to face stiff resistance in the coming days around its weekly upper Bollinger band ( 11033 approx). If the index breaks and trades below its 10 DMA ( 10872 approx), it is likely to find its next support around its 15 DMA( 10808 approx). However, the crucial support of the index remains around its 8 DMA ( 10900 approx) below which fast selling could be seen.



Hourly Chart Levels
In the hourly trades, the Nifty share price had taken the support of its lower Bollinger band ( 10950 approx). The index is likely to face stiff resistance around its 5 HEMA high ( 10988 approx). However if Nifty breaks and trades below 10900, it will find its next support area around its 100 HMA ( 10825 approx)





The Outlook For 17th July 2018
Bank Nifty Daily Chart Levels
In today’s trade, Bank Nifty share price closed at its 10 DEMA  (26674 approx). The index is likely to find its nearest support around its 20 DMA (26569 approx). Bank Nifty will face stiff resistance around its daily upper Bollinger band (27037  approx). The crucial support for Bank Nifty still remains around its 34 DMA ( 26538 approx)



Bank Nifty Hourly Chart Levels
In the hourly trades, Bank Nifty share price closed around its 5 EMA low ( 26690 approx). The index is likely to take the support of its 100 HMA ( 26600 approx). If Bank Nifty breaks and trades above its 10 HMA (26802 approx), it is likely to find its next resistance around its 20 HMA  ( 26910 approx).





Large Cap, Mid Cap & Small Cap Gainers







GLOBAL PERSPECTIVE



The Dollar Index is currently trading near its three-week high at 95.14 after the recent intervention in the Chinese Yuan by the PBOC. The US 10-year Treasury Yield is trading at 2.84 which is marginally below its current week high of 2.875. The above indicators are not hinting at any major uncertainties in the global markets in the aftermath of the US-China Trade war and the shrink in China GDP.



 In the above grid, we can see that most global currencies are trading weak with the Yuan and the Yen trading strong.
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India’s benchmark Nifty started the week on a low and closed near its hourly lower Bollinger band (10940 approx). The index opened at 11017, almost flat from its previous close of 11019. In today’s session, the index traded in a range of 91 points between 11018 and 10927 and closed 81 points below its intraday high. Today is the first trading day of the current week, profit booking was seen amongst major market participants. In the options space, call writers were active and put writers booked profit in the market. Nifty unlikely to see fast selling in the coming days until it breaks 10900 levels and on the upside 11110 is a big hurdle for the index.

Stocks Under The Scanner
In today's trade Tech Mahindra share price rose 2.58%, while NTPC share price was also up 1.44%. Shares of Dr.Reddy were down by 9.43%.



The Outlook for 17th July 2018
Daily Chart Levels
In today's trade, Nifty share price took the support of its 5 EMA low( 10924 approx). The index closed on a weak note around its three day low (10923 approx). Nifty is likely to face stiff resistance in the coming days around its weekly upper Bollinger band ( 11033 approx). If the index breaks and trades below its 10 DMA ( 10872 approx), it is likely to find its next support around its 15 DMA( 10808 approx). However, the crucial support of the index remains around its 8 DMA ( 10900 approx) below which fast selling could be seen.



Hourly Chart Levels
In the hourly trades, the Nifty share price had taken the support of its lower Bollinger band ( 10950 approx). The index is likely to face stiff resistance around its 5 HEMA high ( 10988 approx). However if Nifty breaks and trades below 10900, it will find its next support area around its 100 HMA ( 10825 approx)





The Outlook For 17th July 2018
Bank Nifty Daily Chart Levels
In today’s trade, Bank Nifty share price closed at its 10 DEMA  (26674 approx). The index is likely to find its nearest support around its 20 DMA (26569 approx). Bank Nifty will face stiff resistance around its daily upper Bollinger band (27037  approx). The crucial support for Bank Nifty still remains around its 34 DMA ( 26538 approx)



Bank Nifty Hourly Chart Levels
In the hourly trades, Bank Nifty share price closed around its 5 EMA low ( 26690 approx). The index is likely to take the support of its 100 HMA ( 26600 approx). If Bank Nifty breaks and trades above its 10 HMA (26802 approx), it is likely to find its next resistance around its 20 HMA  ( 26910 approx).





Large Cap, Mid Cap & Small Cap Gainers







GLOBAL PERSPECTIVE



The Dollar Index is currently trading near its three-week high at 95.14 after the recent intervention in the Chinese Yuan by the PBOC. The US 10-year Treasury Yield is trading at 2.84 which is marginally below its current week high of 2.875. The above indicators are not hinting at any major uncertainties in the global markets in the aftermath of the US-China Trade war and the shrink in China GDP.



 In the above grid, we can see that most global currencies are trading weak with the Yuan and the Yen trading strong.
 
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