Daily Nifty Report 17th August 2016

Nifty opened in today's trading session almost flat following the mixed Asian market and the overnight fall of US market after Fed indicates interest rate may hike as soon as September. Throughout the trading session market remained extremely volatile and traded lower before closing at 8631.95 down by 27.95 point.

 

Nifty in its daily chart has formed a spinning top candlestick pattern as a part of couples of indecisive candle in last few days. This indicates sellers gaining control of the market gradually.

 

As such market sentiments turns negative and the level of 8580 is now becomes the key for the market. Moving below this level, market is likely to gain momentum in downside.

 

Going forward market movement will depend on FII and DII trading activity, price movement of crude oil in international market and global market trend. Couple of Index heavyweights like HDFC ltd, Reliance Industries and couple of IT stock is vulnerable to breakdown, is likely to pushed the market down going forward.

 

Key support is at 8580 and resistance is at 8700-8750

Daily Nifty Report 11th August 2016

Nifty opened in today's trading session with flat note after most of Asian market declined, following overnight losses in US market after inventory data on oil indicated a rise in crude supplies last week. Throughout the trading session market remained volatile before closing at 8621 up by 23.80 point.

 

Nifty in its daily chart has formed a spinning top candle stick pattern. This indicates after a selling yesterday market has found support at lower level which prevented market from getting further downside momentum. The narrow range of today's trading session of 8560-8630 is the key for the market. Going forward a break of either direction will decide the next move for the market.

 

Going forward market movement will depend on FII and DII trading activity, quarterly results of the major companies and price movement of crude oil in international market. Investor is likely to start focusing on Industrial and manufacturing production data and Inflation rate scheduled to release on Friday.

 

Important support is at 8560/8480 and resistance is visible around 8630/8750.

Daily Nifty Report 9th August 2016

Today Nifty opened soft, keeping eye on RBI monetary policy and remained weak most of the day. Reserve Bank of India kept its benchmark lending rate unchanged in line with market expectation. Volatility increased after the announcement and market closed at 8697 down by 44 points before it recovered from its day's low around 8660.

 

Nifty in its daily chart has formed a spinning top candlestick pattern. This type of pattern implies that the market find supply at higher level and after a strong rally its lacking momentum. However, the low at 8660 level is the key for the pattern. Going forward a move below this level we may see profit booking to trigger.

 

Overall we expect a short term correction if market move below 8660 level. However as the medium term trend is extremely bullish any medium term pull back or correction is expected to reverse quickly and should found support at 8400-8450 level. On the upside resistance is visible around 8720-8750.

 

Going forward market movement will depend on FII and DII trading activity, movement of crude oil in international market which is trading at its two weeks high. Industrial and manufacturing production data and rate of inflation which will scheduled to release this week on Friday is likely to move investor sentiment.

Daily Nifty Report 10th August 2016

Nifty opened in today's trading session with negative note following the weak Asian market and the US market which hovering around record high in a condition where oil prices is falling. Throughout the trading session market remained extremely volatile and traded lower before closing at 8594.60 down by 107.95 point.

 

Nifty in its daily chart has formed a black marubozu candlestick pattern after a couple of indecisive candle in last couple of days. This indicates sellers maintained control of the market throughout the day. As such market sentiments turns negative and the level of 8580 is now becomes the key for the market.

 

Staying below this level of 8580, market is likely to gain momentum in downside.

 

Going forward market movement will depend on FII and DII trading activity, quarterly results of the major companies and price movement of crude oil in international market. Industrial and manufacturing production data and rate of inflation which will scheduled to released this week on Friday is likely to move investor sentiment.

 

Key support is at 8580 and resistance is at 8700-8750

Daily Nifty Report 8th August 2016

Tracking strong Asian market sentiment after a stronger US jobs report last Friday which lifted the US stocks sharply higher in last trading days of the week Nifty opened with positive note in first trading day of the week. However, market failed to gain further momentum and remained volatile before closing at 8734 up by 26.20 points from last week close.

 

Nifty in its daily time series chart has formed a Doji. The small shadow in both side of the real body indicating indecision and we need further confirmation to get the directional bias. Going forward key level to watch is 8750-8720.

 

The breakout of the range is going to be the key for rest of the week trading session. Market is expected to see short term correction if it breaks below the lower end of the range at 8720.

 

Important support is at 8625-8610 and resistance is visible around 8700-8750.

 

Going forward market movement will depend on FII and DII trading activity, quarterly results of the major companies and price movement of crude oil in international market. Investor is likely to react on RBI credit policy next week. We expect Interest rate to stay unchanged which is now at five year low of 6.5 per cent.