Skip to main content

NIFTY DAILY MARKET OUTLOOK 24 AUG

By

Indian benchmark indices ended flat on Thursday, as investors booked profits. Further, lower refining margins concern on Reliance Industries also put pressure on
index, while support came from IT stocks ~ posted smart gains on hopes for more U.S. monetary stimulus. NSE's Nifty ended flat at 5,415.35. Nifty took a breather after
two days of continuous gains, on daily charts, Nifty formed a Doji formation depicting that after recent rally, traders indulged in profit booking and are looking for
fresh triggers to take the momentum ahead. Nifty has multiple resistances at 5,450‐5,480. In coming session, follow up buying past the trajectory could take Nifty till
5,520‐5,570. Further, the index still maintaining its higher high higher low formation, signaling that basis is still positive. The index has immediate support in the
range of 5,400‐5,370, any selling pressure would intensify only below 5,370.


Trading strategy would to buy near support and to sell around 5,480 if benchmark resist.
First resistance for the Nifty is 5,445 and next resistance 5,474 and first support for the Nifty is 5,390 and next support at 5,365.
Labels:

Comments

Post a Comment

Popular posts from this blog

By
Post a Comment
Read more

COMMODITY UPDATES

By
COMMODITY UPDATED BY INTRADAY TRADING SYSTEMS OF TECHNOTRADES News Highlights:  Commodity markets strengthened on Friday as the U.S. non-farm payrolls and U.S. ISM manufacturing data beat the market expectation, even after the jobless rate unexpectedly rose to a five month high of 8.3 per cent.  Copper futures posted its biggest weekly drop in nine weeks as Investors sold the base metals last week when the Fed and ECB ended a policy meeting without announcing stimulus measures to boost the economic growth.  Cotton futures are expected to maintain its bullish trend for the next weeks as some short-covering has been seen ahead of the U.S. Agriculture Department’s monthly supply/demand report on August 10, 2012.  The concern over oil supply disruption in the Gulf of Mexico supported the oil prices on Friday. The U.S. National Hurricane Center forecasted that tropical storm “Ernesto” may grow into a hurricane this weakened.  The U.S. Labor Department reported last week that U....
Post a Comment
Read more