NIFTY TREND & FREE NIFTY TIPS FOR 17 AUG 2017

The Indian stock market ended Thursday’s trading session on bullish note, with the Sensex ending 320 points higher and the Nifty ended above 9900 mark. The Sensex ended up 321 points at 31770, while the Nifty future ended higher by 91 points at 9907. It has opened at 9829 made a high of 9910 and low of 9778 overall 132 points movement was there in intraday trade. Market sentiments was boosted on unabated buying by domestic investors amid firm global cues on receding tensions between the US and North Korea. Sentiment remained upbeat for the better part of the day on account of positive leads from European markets before the release of the latest Federal Reserve minutes and British unemployment data. Stocks of consumer goods companies were back in the limelight on value-buying, recovering from recent losses sparked by worries over the impact from recently launched GST in July. 

Caution prevailed as retail or CPI inflation jumped more than expected to 2.36% in July, reducing the chances of another interest rate cut by the Reserve Bank of India, while wholesale inflation rose sharply to 1.88% in July, the first rise in five months.

The overall market view is still positive as the nifty has a bunch of strong support near 9780-9750, and any dips near this level can be a good buying opportunity. I believe that if index holds above 9900 levels then it has the potential to claim the targets of 9955-10000. I recommend every dip near 9800 can be used to make fresh long in the index with keeping stop out level below 9750 on a closing basis.

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Resistance: 9950, 10000,10050

Support: 9900, 9850, 9800