Profit Booking Seen In Nifty As RBI Hikes Rates, Support At 11290


Nifty opened at 11364, approximately 10 points above its previous close, signaling a continuation of a buying trend.  Fresh buying was seen early on as Nifty registered new a high and moved up to its upper Bollinger band of (11390 approx). Towards the last hour of the day’s trade Nifty took the support of its 5 DEMA high ( 11290 approx) after a brief bout of profit booking was seen post the RBI credit policy meet. The RBI’s decision to hike its repo rates by 25 bps is likely to boost the Indian economy as it will attract FII investments back to the Indian equity markets. The next target for Nifty will be around its upper Bollinger band in the monthly timeframe (11650 approx).

Stocks Under The Scanner
In today’s trade Coal India shares rose 3.60%, while Lupin shares rose 2.38%. Hindalco shares dropped2.53% in the course of the day’s trade.



 
The Outlook for 2nd August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11346 approx. The index is likely to find strong support around its 5 DEMA high (11290 approx). However, if the index breaks and trades below its 5 DMA (11280), it will find its next support around its 10 DMA (11175 approx). Nifty is likely to face its next resistance around the upper Bollinger band ( 11395 approx). 



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its upper 5 DMA (11346 approx). The index is likely to find a strong support around its 34 HMA( 11290approx). However, if Nifty breaks and trades below its 50 HMA ( 11245approx) it will find its next support around its 100 HMA (11130 approx).





The Outlook For 2nd August 2018
Bank Nifty Daily Chart Levels
In today’s trading session, Bank Nifty share price closed around 27596 approx. The index gave away almost 340 from its high around the upper Bollinger band (27818 approx). The banking index is likely to find strong support around its 10 DMA (27290 approx). However, if Bank Nifty breaks and trades below its 15 DMA (27160 approx), it will find its next support around its 20 DMA (27040 approx).



Bank Nifty Hourly Chart Levels
 In the hourly trades, Bank Nifty share price has closed above its 5 DMA (27597 approx). The index is likely to find a strong support around its 50 HMA( 27480approx). However, the next zone of resistance for Bank Nifty will be around its 15 HMA ( 27680 approx).





Large Cap, Mid Cap & Small Cap Gainers





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In the first hour of trade today, India’s benchmark Nifty opened at 11364, approximately 10 points above its previous close, signaling a continuation of a buying trend.  Fresh buying was seen early on as Nifty registered new a high and moved up to its upper Bollinger band of (11390 approx). Towards the last hour of the day’s trade Nifty took the support of its 5 DEMA high ( 11290 approx) after a brief bout of profit booking was seen post the RBI credit policy meet. The RBI’s decision to hike its repo rates by 25 bps is likely to boost the Indian economy as it will attract FII investments back to the Indian equity markets. The next target for Nifty will be around its upper Bollinger band in the monthly timeframe (11650 approx).

Stocks Under The Scanner
In today’s trade Coal India shares rose 3.60%, while Lupin shares rose 2.38%. Hindalco shares dropped2.53% in the course of the day’s trade.



 
The Outlook for 2nd August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11346 approx. The index is likely to find strong support around its 5 DEMA high (11290 approx). However, if the index breaks and trades below its 5 DMA (11280), it will find its next support around its 10 DMA (11175 approx). Nifty is likely to face its next resistance around the upper Bollinger band ( 11395 approx). 



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its upper 5 DMA (11346 approx). The index is likely to find a strong support around its 34 HMA( 11290approx). However, if Nifty breaks and trades below its 50 HMA ( 11245approx) it will find its next support around its 100 HMA (11130 approx).





The Outlook For 2nd August 2018
Bank Nifty Daily Chart Levels
In today’s trading session, Bank Nifty share price closed around 27596 approx. The index gave away almost 340 from its high around the upper Bollinger band (27818 approx). The banking index is likely to find strong support around its 10 DMA (27290 approx). However, if Bank Nifty breaks and trades below its 15 DMA (27160 approx), it will find its next support around its 20 DMA (27040 approx).



Bank Nifty Hourly Chart Levels
 In the hourly trades, Bank Nifty share price has closed above its 5 DMA (27597 approx). The index is likely to find a strong support around its 50 HMA( 27480approx). However, the next zone of resistance for Bank Nifty will be around its 15 HMA ( 27680 approx).





Large Cap, Mid Cap & Small Cap Gainers





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