2 August 2018

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 3 AUG 2018

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Market has ended the day on bearish note, following weak global cues as well as profit booking in the market. The Sensex ended over 350 points lower, while the Nifty came down to 11250 as well. The Nifty index opened in the negative and witnessed selling pressure for most part of the session on Thursday. It finally negated the formation of higher highs and higher lows after nine consecutive sessions and drifted towards the 11235 level.
On Friday, the market is likely to see a quiet to modestly positive start. Though the market remains buoyant, it continues to be overbought and slightly overstretched on certain
indicators. Furthermore, immediate past patterns show the market has achieved the immediate short-term price objective. All these forces us once again to approach the market with caution as it remains imminently vulnerable to profit taking at higher levels. The 11350 and 11375 levels are likely to act as key resistance while supports are likely to come in lower at 11235 and 11200 levels. 
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Resistance: 11350, 11375, 11400
Support: 11235, 11200, 11175

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