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