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