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Nifty Target for Tomorrow 8th August 2017

Nifty Today August 7th 2017: Today was a consolidation session, as nifty opened the week by gaining 8 points from the previous day’s closing and moved higher to hit the intraday high of 10,088.10.After reaching the 10,080 levels nifty started to drift lower to break the 5-Day EMA placed at 10,056 to hit the lows of 10,046.35.

Finally nifty managed to find the support at 5-Day EMA to close the day at 10,057.40 by losing 9 points.

Tata steel is the top gainer today by gaining 4.20 % and Bharti Infratel is the top loser by 2.14 %.

7th August 2017 Nifty Intraday Movement:

Opening: 10,074.80; High: 10,088.10; Lows: 10,046.35

Closing Price on 07-Aug-2017:10057.40(-9.00)

Nifty 31 AUG 2017 Expiry Futures: 10,091.75(-16.80)

Resistance: 10,115

Support: 10,030, 9980

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Nifty Forecast/Outlook for 8th August 2017:

Today movement in the nifty shows a bearish candle in the charts, as the closing price of the nifty is below the opening price and also the closing was near the lows of the day. This suggests nifty is finding difficult to cross 10,100 levels.

On the other hand nifty is having strong support near 10,055 its 5- day EMA and 9980 levels. So we are expect a range bound movement in the nifty till we see a strong closing above 10,100 or below 9980 levels.

We are bullish on the market from 9700 levels and expecting market to hit 10,300 until market closes below 9920 levels. It’s a buy on dips market until 9920 levels. One can hold on to the long positions with the stop around 9920.Any closing below 9928 can take the market lower.

What are the negatives for nifty?

FII’s are sellers in the market, Sellers signal in MACD

What are the positives for nifty?

Long term UP trend and strong support near 10,000 and 9980 levels.

Nifty View for Tuesday: Sideways.

Nifty Long Term trend: UP

Nifty trading target range for 8th August 2017: Nifty can move between 10,000 – 10,100 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

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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 : Gaining by 12.35 points(i.e Profit of Rs.926.25)

Click here to view bank nifty target for 8th Aug 2017

Visit our website on 8th Aug 2017 8.30 PM to get the nifty view for 9th 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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