Rising Wedge Pattern In Nifty, Profit Booking Likely Below 11430


Nifty witnessed early signs of profit booking today around 11485. A rising wedge pattern has been formed in the Nifty daily charts, which is an early sign that buyers have started booking profits and the index is likely to witness selling pressure if it trades below its 5 DEMA high (11450 approx). A strong presence of Put option buyers was also observed for the first time today, in the last four trading sessions. The 11400, 11300 and 11200 Nifty Put option buyers have carried forward positions as the index has closed below its average trading price of 11474. The nearest downside target for Nifty is around its 10 DMA (11350 approx).

Stocks Under The Scanner
In today’s tradeAxis Bank shares rose 4.20%, while ICICI Bank shares rose 4.17%.In the telecom space, Bharti Airtel shares dropped 4.75% in the course of the day’s trade.



The Outlook for 10th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11470, marginally below the average trading price of the day. The index might undergo selling pressure tomorrow if it trades below its 5 DEMA high (11450 approx), as a rising wedge pattern has been formed in the daily chart. The nearest support for the index will be around its 10 DMA (11350 approx). However, if Nifty sustains over 11480, it is likely to find its next around its upper Bollinger band (11550 approx)



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed below its 5 HEMA high (11470 approx). The index is likely to find its next support around its 15 HMA (11450 approx). However, if Nifty breaks and trades below its 20 HMA (11440 approx) it will find its nearest support around its 50 HMA (11370 approx).  The next resistance zone for Nifty is around its hourly upper Bollinger band (11506 approx).





Large Cap & Mid Cap Gainers




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India’s benchmark Nifty witnessed early signs of profit booking today around 11485. A rising wedge pattern has been formed in the Nifty daily charts, which is an early sign that buyers have started booking profits and the index is likely to witness selling pressure if it trades below its 5 DEMA high (11450 approx). A strong presence of Put option buyers was also observed for the first time today, in the last four trading sessions. The 11400, 11300 and 11200 Nifty Put option buyers have carried forward positions as the index has closed below its average trading price of 11474. The nearest downside target for Nifty is around its 10 DMA (11350 approx).

Stocks Under The Scanner
In today’s tradeAxis Bank shares rose 4.20%, while ICICI Bank shares rose 4.17%.In the telecom space, Bharti Airtel shares dropped 4.75% in the course of the day’s trade.



The Outlook for 10th August 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty closed around 11470, marginally below the average trading price of the day. The index might undergo selling pressure tomorrow if it trades below its 5 DEMA high (11450 approx), as a rising wedge pattern has been formed in the daily chart. The nearest support for the index will be around its 10 DMA (11350 approx). However, if Nifty sustains over 11480, it is likely to find its next around its upper Bollinger band (11550 approx)



 
Nifty Hourly Chart Levels
In the hourly trades, the Nifty share price has closed below its 5 HEMA high (11470 approx). The index is likely to find its next support around its 15 HMA (11450 approx). However, if Nifty breaks and trades below its 20 HMA (11440 approx) it will find its nearest support around its 50 HMA (11370 approx).  The next resistance zone for Nifty is around its hourly upper Bollinger band (11506 approx).





Large Cap & Mid Cap Gainers




 
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