13 August 2018

NIFTY OUTLOOK FOR 14 AUG 2018


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Bears continued to dominate Dalal Street for the second consecutive session on Monday as the Nifty50 fell sharply, closing far below the psychological 11,400-mark following Turkey crisis and further weakness in the rupee against the US dollar.The Nifty50 after opening sharply lower and breaking 11,400 levels extended losses as the day progressed and hit an intraday low of 11,340.30. It did manage to claw back above 11,400 in afternoon but failed to hold the same level and closed 73.70 points lower at 11,355.80.

Besides, from the lows 10,550, Nifty 50 is moving in a well defined channel for last 32 sessions and on breakdown below this channel, whose support is present around 11,340, one can project a downside target placed around 11,034, according to him.Now the index has to cross and hold above 11,400 zones to get a consolidative move while a decisive hold below 11,350 zones could drift the index towards 11,250 then next major support at 11,171 zones.Bank Nifty formed a Bearish Belt Hold candle followed by a Bearish Engulfing pattern on daily scale. It slipped below 28,128 zones and corrected towards 27,739 zones
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Resistance: 11350, 11405, 11450
Support: 10250, 10200, 10150

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