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Nifty Target for Tomorrow 10th August 2017

Nifty Today August 9th 2017: Today was a bearish session, as nifty opened the day in a negative note by losing 17 points from previous day’s closing. Negative bias continued further to break the 20-Day EMA and moved towards 9,920 levels.

After hitting 9,920 nifty recovered 30 points and moved towards 9,950 but in the finally 30 minutes of the trade nifty drifted lower to even break 9,900 to hit the lows of 9,893.05.

By the end of the day nifty was able to close above 9,900 levels by losing 70 points at 9,908.05.

Hindalco is the top gainer today by gaining 1.94 % and Auro pharma is the top loser by 5.88 %.

9th August 2017 Nifty Intraday Movement:

Opening: 9,961.15; High: 9,969.80; Low: 9,893.05

Closing Price on 07-Aug-2017:9,908.05(-70.50)

Nifty 31 AUG 2017 Expiry Futures: 9,926.70(-72.75)

Resistance: 9,930, 9,980

Support: 9850, 9800

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Nifty Forecast/Outlook for 10th August 2017:

Today movement in the nifty shows a strong bearish candle in the charts, as the closing price of the nifty is near the lows of the day and opening price is near the highs of the day which signals bearish sentiment in the market.

We had a view to hold the long position till nifty breaks 9,920 level. As today nifty managed to close below 9,920 all the trading long positions are square off. It’s better to avoid taking long position in the market.

Nifty formed a head and shoulder pattern in the charts which looks nifty correcting towards 9,800 levels in the day’s to come.

On the other hand nifty breaks below 5-Day, 13-Day and also 20-Day EMA which is also showing the bearish signals and the next key support is the 50-Day EMA which is at 9,780.

We are bullish on the market from 9700 levels and expecting market to hit 10,300 until market closes below 9920 levels. One can hold on to the long positions with a tight stop around 9920.

Nifty_Bulls_Bears_30_70What are the negatives for nifty?

  1. Sellers signal in MACD and RSI
  2. Nifty breaks key moving averages.
  3. Nifty closing below key support of 9,920.

What are the positives for nifty?

  1. FII’s have bought 419 crores in index futures today.
  2. Long term UP trend

Nifty View for Thursday: Sideways.

Nifty Long Term trend: UP

Nifty trading target range for 10th August 2017: Nifty can move between 9,830 – 9,980 levels.

Nifty Long term up trend reversal point: Closing below 9700 Levels.

Nifty Strategies Performance:

Month Jun 2017
No of trades Only 3
Total Points Gained  325 Points Gained
Total Profit Rs 24,375

Click here to view the Gold rates today

Open Nifty Aug 2017 Expiry Strategies:

  1. Position Created on 26-Jun-2017: Buy One lot 10,000 Call @ 160 and also sell two lot 10,300 call @ 35. Total Premium outflow: Rs 90. Hold with a target of 200 with stop around 20.Current Status : Booked loss of 35 points (i.e. Loss of Rs.2625). Since Nifty closed below the strong support of 9,928  so it will be difficult for the market to recover above 10,000 in a short span of time.
  2. For more nifty strategies click here!!!

Click here to view bank nifty target for 10th Aug 2017

Visit our website on 10th Aug 2017 8.30 PM to get the nifty view for 11th Aug 2017.

Disclaimer – No Author at myfinanicalZone.com is registered with SEBI or any regulating authority as a Research Analyst or an Investment Adviser. Please Consult Your Investment Adviser before making any Investment/Trading decisions based on content posted in this Website. Here we write only what we do and all information posted in this website is for Educational purpose only

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