Daily Nifty Report 11th August 2016
- Created: Thursday, 11 August 2016 18:20
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.