Tuesday, August 14, 2018

NIFTY TIPS FOR 16 AUG 2018

The Nifty50 rebounded after two-day losses and extended rally as the day progressed despite volatility in the rupee which touched 70-mark per dollar for the first time on Tuesday.The index closed decisively above psychological 11,400 levels despite mixed global cues, forming bullish candle on the daily candlestick charts.The rally was broad based as all sectoral indices ended in the green with Pharma leading the charge with 3 percent rally. The broader markets also participated in the upmove, with Nifty Midcap index rising a percent.The Nifty50 after opening higher at 11,381.70 extended gains as the day progressed and crossed 11,400 levels to hit an intraday high of 11,452.45. The index closed 79.30 points higher at 11,435.10.The index formed bullish candle but technical oscillators on lower time frame charts are still on sell mode which is a cause for concern.Bank Nifty opened positive and managed to rebound towards 28,050 zones
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Resistance: 11400, 11450, 11500

Support: 10350, 10300, 10250

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