Profit Booking Seen In Nifty As Traders Roll Over Position To September Contract


Nifty slipped 70 points from its day high of 11753 today after traders rolled over positions from the August contract to the September contract. Profit booking was confirmed as Nifty closed below the 5 DEMA high (11691 approx), for the first time in the last three trading sessions. Today’s 70 points correction was significant as it revealed that traders were wrapping up existing positions in the August contract and building fresh positions in the September contract. The nearest downside target for Nifty is around the 200 DMA (11650 approx).

Stocks Under The Scanner
In today’s trade UPL shares rose 4.87%, while Bajaj Finance shares rose 1.96%. Coal India shares dropped2.85% in the course of the day’s trade.





The Outlook for 30th August 2018
Nifty Chart Levels
In today’s trading, Nifty closed below the 5 DEMA high (11691 approx) after it saw a bout of correction from the day high of 11753 approx. Today's downside move was triggered as traders shifted their positions in the August contract to the September contract. In tomorrow’s session, Nifty is likely to trade between 11762 - 11660. The nearest downside target for the index is around the 200 DMA (11650 approx). However if Nifty breaks and trades below 11640, it will find its next support around the 10 DMA (11550 approx).



Bank Nifty Chart Levels
In today’s session, Bank Nifty traded in a range of 169 points and closed below the 5 DEMA high (28224 approx). The index is likely to find stiff resistance around 28390 and witness a downside of 28165 tomorrow. If Bank Nifty breaks and trades below the 10 DMA(28110 approx), it will find its next support around the 15 DMA (28080 approx). However if Bank Nifty trades above 28400, it will find its next target around the daily upper Bollinger band (28500 approx).







Large Cap & Mid Cap Gainers





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India’s benchmark Nifty slipped 70 points from its day high of 11753 today after traders rolled over positions from the August contract to the September contract. Profit booking was confirmed as Nifty closed below the 5 DEMA high (11691 approx), for the first time in the last three trading sessions. Today’s 70 points correction was significant as it revealed that traders were wrapping up existing positions in the August contract and building fresh positions in the September contract. The nearest downside target for Nifty is around the 200 DMA (11650 approx).

Stocks Under The Scanner
In today’s trade UPL shares rose 4.87%, while Bajaj Finance shares rose 1.96%. Coal India shares dropped2.85% in the course of the day’s trade.





The Outlook for 30th August 2018
Nifty Chart Levels
In today’s trading, Nifty closed below the 5 DEMA high (11691 approx) after it saw a bout of correction from the day high of 11753 approx. Today's downside move was triggered as traders shifted their positions in the August contract to the September contract. In tomorrow’s session, Nifty is likely to trade between 11762 - 11660. The nearest downside target for the index is around the 200 DMA (11650 approx). However if Nifty breaks and trades below 11640, it will find its next support around the 10 DMA (11550 approx).



Bank Nifty Chart Levels
In today’s session, Bank Nifty traded in a range of 169 points and closed below the 5 DEMA high (28224 approx). The index is likely to find stiff resistance around 28390 and witness a downside of 28165 tomorrow. If Bank Nifty breaks and trades below the 10 DMA(28110 approx), it will find its next support around the 15 DMA (28080 approx). However if Bank Nifty trades above 28400, it will find its next target around the daily upper Bollinger band (28500 approx).







Large Cap & Mid Cap Gainers





 
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