Published on 11/08/2017 9:46:34 AM | Source: Enrich Commodities India Pvt Ltd
The nifty is near the lows of the day and opening price is near the highs - Enrich Commodities
NIFTY MORNING OUTLOOK
Asian market trading negative Nifty50 on the SGX were trading 108.50 points lower at 9756 indicating a gap down opening for the NSE.
On yesterday Nifty50 closed at 9820.25 lost 87.80 or 0.89%, while the BSE sensex index 31531.33 fell -266.51 or 0.84%. as the both index slipped for a fourth straight session on Thursday, dragged indexes down after its results failed to meet expectations mounting tensions between the United states and North korea.
Midcap and smallcap stocks fell the most in nine months on Thursday. The biggest gainers of the session on the Nifty 50 were Tech Mahindra Ltd, which rose 2.58% or 10.15 points to trade at 404.00 at the close. Infosys Ltd added 1.23% or 11.90 points to end at 981.25 and Wipro Ltd was up 0.58% or 1.65 points to 288.15 in late trade.
Biggest losers included Tata Motors Ltd, which lost 8.62% or 35.85 points to trade at 380.20 in late trade. Tata Motors DV Ltd declined 8.59% or 20.80 points to end at 221.45 and Dr. Reddy’s Laboratories Ltd shed 5.07% or 103.90 points to 1944.45. Country’s major lender SBI to report Q1 result today Rupee desk: The USD/INR was up 0.23% to 64.045
There was another corrective session in the market yesterday. Again, volatility was high and most of the global markets were seen to be correcting. Fallen from higher levels 1000 points in Bank nifty and around 400 points in Nifty50. Trading pattern analysis shows, nifty with 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. Hammer is formed in hourly chart indicating buyer to support the market during last hour of trading. We had stated yesterday that nifty will be correcting to 9750 levels. Next crucial support of nifty 9800-9750. The momentum will strengthen once Nifty spot moves above 9900 levels. If it does not move above 9900, down side fall can be expected upto 9750. Hence, we advise the strategy buy on dips and sell on raise.
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