Nifty Today August 30th 2017: Today was a positive session for the markets after yesterday panic selling due to geopolitical tensions. As nifty opened with gap up of 63 points and also just 9 points above the day’s low of 9,850.80.
Within few times from the opening nifty crossed 5-Day, 13-Day and 20-Day EMA and rallied further to hit the intraday high of 9,909.45.
Finally nifty managed to close in the green at 9,884.40 by gaining 88 points for the day.
Only 10 of 51 nifty stocks closed in the red. IOC is the top gainer for the day by gaining 4.22 % and Tech Mahindra is the top dragger for the day by losing 1.39%.
30th August 2017 Nifty Intraday Movement:
Opening: 9,859.50; High: 9,909.45; Low: 9,850.80
Closing Price: 9,884.40(+88.35)
Nifty 31 AUG 2017 Expiry Futures: 9,833.60(+84.60)
Nifty Support & Resistance for tomorrow 31st August 2017:
Nifty will face resistance near 9,920 and 9,940 levels whereas supports are placed at 9,860 and 9,850 levels which the 13-Day and 5-Day EMA.
Nifty Forecast/Outlook for 31st August 2017:
Today’s movement in the nifty shows an bullish pattern as the opening price is near the lowest point of the day and closing price is well above the opening price which suggests bulls are not in the position to lose control to the bears easily.
As we said yesterday 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 29th Aug 2017 high point, which can be seen in the today’s movement as nifty failed to sustain above 9,900 and closed 25 points below the highs of the day. As long as nifty is below 9,925 on closing basis nifty is a sell on the rise, but we are bullish on the longer term story. Correction will keep market healthier.
Notable action of the day is nifty closed above all the key moving averages which signals bullish sentiment in the market but nifty futures dipped in the discount signals negative sentiment and also FII’s are sellers in the market and DII’s are not buying much was they did for the past few months.
Today also the open interest is decreasing even on the expiry the week, suggest long positions are getting winding up on the tallies. Traders should be careful while building long positions.
What are the negatives for nifty?
- Nifty will face tough resistance around 9,920 levels.
What are the positives for nifty?
- Long term UP trend and Nifty closed above the key moving averages 5-Day, 13-Day and 20-Day.
Nifty Target for tomorrow: On the upside nifty can hit 9,920 levels and on the downside 9,800 levels are possible.
Nifty View for Thursday: Volatile
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 28 Sep 2017 Expiry Strategies:
- Position Created on 30-Aug-2017:: Buy 10,100 PUT @230 for a target of Rs.350 and keep a stop around Rs.160.
- Safe traders can wait in sidelines for trend confirmation as market will be volatile due to geo political tensions and august exipry
Visit our website on 31st Aug 2017 8.30 PM to get the nifty view for 1st Sep 2017.
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