Nifty Today August 10th 2017: Today was a bearish session, as nifty opened the day in a negative note by losing 36 points from previous day’s closing. Then negative bias continued further to test the 50-Day EMA placed at 9,780 levels to hit the intraday low of 9,776.20.
After hitting 9,776 levels nifty recovered 44 points in the final 30 minutes of the trade of close above 9800 levels at 9,820.25 by losing 87 points for the day. This last move suggest bulls are trying to defend 50-Day EMA.
Tech Mahindra is the top gainer today by gaining 2.58 % and Tata motors is the top loser by 8.62 % on back of results.
10th August 2017 Nifty Intraday Movement:
Opening: 9,872.85; High: 9,892.65; Low: 9,776.20
Closing Price: 9,820.25(-87.80)
Nifty 31 AUG 2017 Expiry Futures: 9,854.75(-71.95)
Resistance: 9900, 9930
Support: 9780, 9700
Nifty Forecast/Outlook for 11th 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.
Yesterday we had a view saying nifty will be correcting to 9,800 levels as nifty formed a head and shoulder pattern in the charts which have been met today.
The next key support is the 50-Day EMA which is at 9,780. If nifty takes out this support nifty can move towards 9,650 in the days to come.
Our current market view changed from buy on dips to sell on raise, till nifty crosses 9,900 levels.
Nifty is seeing 4 days of negative closing after 23-Jun-2017, which is disturbing the trend. Considering bank nifty, nifty is strong so it would be better idea to buy nifty and sell bank nifty.
What are the negatives for nifty?
- Sellers signal in MACD and RSI
- Nifty breaks key moving averages.
What are the positives for nifty?
- 50-Day EMA and key support placed at 9,780.
- Long term UP trend
Nifty View for Friday: Down.
Nifty Long Term trend: UP
Nifty trading target range for 11th August 2017: Nifty can move between 9,780 – 9,850 levels.
Nifty Long term up trend reversal point: Closing below 9700 Levels.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Open Nifty Aug 2017 Expiry Strategies:
- Position Created on 09-Aug-2017: Pair trade was executed by buying one Lot of nifty futures at 9,940 and selling one lot of bank nifty futures at 24,450 and continue to hold for a profit of 10,000 and square off the position is loss goes above Rs.5000. Current Status : Loss of Rs.645
Visit our website on 11th Aug 2017 8.30 PM to get the nifty view for 14th Aug 2017.
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