NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 19 AUGUST 2020

The bulls have done very well for themselves today & closed the day above 11350 as hopes of higher government spending to help support the economy continued to lift investor sentiment.  This is good news for the bulls. Market ended higher for the second consecutive day on August 18 with Nifty surpassed 11400 level during the day. At close, the Sensex was up 477 points at 38528, and the Nifty was up 138 points at 11385. Grasim was the top gainer, up 6.68% followed by Ultratech Cement and Kotak Mahindra Bank, which rallied 3.30% and 3.15% respectively.

We should now endeavor 11500-11700 as the next two levels for the market to achieve. A stop can be placed below 11200 as that is the new support for the index. The index formed a bullish candle on the daily scale and needs to hold above 11350 to extend gains towards 11400, and then 11450 -11500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11250 and then 11200 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11000. 

More about intraday tips Whatsapp On 9039542248

Resistance: 11450, 11500

Support: 11250, 11200