9 August 2018


A new day & a new achievement for bulls…!!!  After 2 days of relaxation bulls are back in racing mood. After clocking a fresh milestone of 38,000, the Sensex has managed to end the day above this mark. In the nifty future today race has started from the highest ever level 11498 after that it made a high of 11504 came down to 11467  & finally it has closed the day at 11484. Total 37 points nifty future has moved in intraday. Where banknifty future has started the day from 28224 made a high 28386 and low of 28177 & finally closed the day at 28386, total 209 points banknifty future has moved in intraday. Banks led the rally for equity benchmarks, with major gains coming in from PSU banks. It looks like there is no stopping the bulls. Not only are they in the driver’s seat for August 2018, they are ensuring that the car is in for a long drive. Investors are hopeful of stellar June quarter numbers from State Bank of India on Friday and hence placed big bets on the stock. This fueled the up move in banks in general. Additionally, buying counters were also buzzing in ICICI Bank and Axis Bank, which helped the market climb to new highs on Thursday.

Bulls rally will to be continued in Friday’s session also. Supports are shifting higher gradually. As long as Nifty future holds above 11450, the momentum could extend towards 11550 and then the level 11600. On the downside, major support exists at 11400 and then 10350 levels.  . We suggest maintaining positive yet cautious approach in the nifty future, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk. The 11535 and 11575 levels may act as immediate resistance levels for Nifty, while supports may come in at 11450 and 11400 levels.
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Resistance: 11550, 11600
Support: 11400, 11350

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