Nifty Today August 29th 2017: Today was also a negative session for the markets due to geopolitical tensions. As nifty opened gap down by 26 points and also just 0.95 points below the day’s high.
After opening nifty broke the 13-Day and 5-Day EMA and moved in the southward direction to hit the intraday lows of 9,783.75 which also violated the 50-Day EMA but finally closed near the 50-Day EMA at 9,796.05 by losing 116 points for the day.
Only 4 of 51 nifty stocks closed in the green. Tech Mahindra is the top gainer for the day by gaining 0.94 % and NTPC is the top dragger for the day by losing 2.83% on the back of Offer for sale price at Rs.168
29th August 2017 Nifty Intraday Movement:
Opening: 9,886.40; High: 9,887.35; Low: 9,783.75
Closing Price: 9,796.05(-116.75)
Nifty 31 AUG 2017 Expiry Futures: 9,799.00(-118.05)
Nifty Support & Resistance for tomorrow 30th August 2017:
Nifty will face resistance near 9,840 and 9850 which is the 5-Day and 13-Day EMA whereas supports are placed at 9,780 which the 50-day EMA and 9,700 both these levels will be acting as strong support.
Nifty Forecast/Outlook for 30th August 2017:
Today’s movement in the nifty shows an bearish belt hold pattern as the opening price is high point of the day and closing price is near the low point of the day which suggests bears are taking control of the market.
As said yesterday today’s closing will definite the trend. We feel nifty is well poised to reach 9500-9550 levels in the short term. Any meaningful raise in the market can be used to short the market with a stop around 9,925 which is the yesterday’s high.
Notable action of the day is nifty closed near the 50-Day EMA after breaking the key 5-Day and 13-Day EMA signals the negative sentiment in the market.
We are not bullish on the past few days Bull Run in the market, as the same trend is not seen in the futures market as the open interest is decreasing in the daily basis even on the expiry the week , suggest long positions are getting winding up on the tallies.
What are the negatives for nifty?
- Nifty below the key 5-Day, 13-Day and 20-Day EMA and also just few points away to break the 50-Day EMA.
What are the positives for nifty?
- Long term UP trend and also strong support at 9,700 levels.
Nifty Target for tomorrow: On the upside nifty can hit 9,840 levels and on the downside 9,700 levels are possible.
Nifty View for Wednesday: Sideways
Nifty Long Term trend: UP
Nifty trading range for 31st Aug 2017 Expiry: Nifty can move between 9600 – 10,000 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 24-Aug-2017: Buy 10,000 PUT @130 for a target of Rs.220 and keep a stop around Rs.50.Current Status: Profit booked at Rs 210 with a gain of 80 points (i.e Profit of Rs 6000)
- Sell nifty on the any meaningful pull back with stop around 9,900.
- Traders can wait in sidelines for trend confirmation as market will be volatile due to geo political tensions
Visit our website on 30th Aug 2017 8.30 PM to get the nifty view for 31st Aug 2017.
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