Nifty Today August 8th 2017: Today was a bearish session, as nifty opened the day with a small gain of 11 points and further moved higher to hit 10,083.80. After hitting the highs market started to drift lower to break the 5-day EMA and also the 13-Day EMA to the low of 9,947.00.
By the end of the day nifty was able to recover 30 points from the lows of the close the day at 9,978 by losing 78 points for the day.
Currently nifty is well below 5-day, 13-Day EMA which signals bearish trend in the market.
Vedanta is the top gainer today by gaining 3.48 % and Dr Reddys Labs is the top loser by 5.04 %.
8th August 2017 Nifty Intraday Movement:
Opening: 10,068.35; High: 10,083.80; Low: 9,947.00
Closing Price on 07-Aug-2017:9,978.40(-78.85)
Nifty 31 AUG 2017 Expiry Futures: 9,999.45(-92.30)
Resistance: 10030, 10080
Support: 9950, 9920
Nifty Forecast/Outlook for 9th August 2017:
Today’s 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 were expecting range bound movement between 10,000 and 10,200 and any closing above or below these level to set the trend. As today’s closing is below 10,000 we can see small correction to 9,928 levels. 9,920 levels is acting as a strong support and any closing below these levels can take the market lower.
On the other hand nifty breaks below 5-Day, 13-Day EMA which is also showing the bearish signals.
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.
What are the negatives for nifty?
- FII’s are sellers in the market
- Sellers signal in MACD and RSI
- Nifty breaks key moving averages.
What are the positives for nifty?
- Long term UP trend
- Strong support placed at 9,928.
Nifty View for Wednesday: Sideways.
Nifty Long Term trend: UP
Nifty trading target range for 9th August 2017: Nifty can move between 9,928 – 10,050 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 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 : Losing by 15.65 points(i.e loss of Rs.1173.75)
- For more nifty strategies click here!!!
Visit our website on 9th Aug 2017 8.30 PM to get the nifty view for 10th Aug 2017.
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