India’s benchmark Nifty traded with ample confidence after it opened 70-point gap up in today’s trade. The index took the support of the 5DMA area (11430 approx) and closed above the 5DEMA high (11515 approx) as the Dollar index slipped below the 2-week low of 94.43. Nifty has bounced back convincingly from the recent low of 11250 in the last two trading sessions. Going forward, 11400 will play a crucial support for the buyers to continue the momentum.
Stocks Under The Scanner
In today’s trade India Bulls Housing Finance shares rose 6.98%, while BPCL shares rose 6.31%.HCL Tech shares dropped 1.52% in the course of the day’s trade.
The Outlook for 17th September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty opened around 11446 and took the support of the 5 DMA (11430 approx). The index gained more than 90 points intraday and closed above the 5 DEMA high (11515 approx). Going forward Nifty is likely to find support around 11430 and the upside target will be around 11570 approx. However, if the index slips below 11380, the nearest downside target will be around 11285 approx. Monday’s opening will play a crucial in setting the trend for the coming week.
Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 200 HMA (11515 approx). The index is likely to find the nearest support around the 50 HMA (11450 approx). The nearest upsidetarget for Nifty is around the 100 HMA (11560 approx). However, if Nifty breaks and trades below the 20 HMA (11380 approx), it will scale down to the hourly lower-Bollinger band (11200 approx). The nearest downside target for Nifty is around the 5 HMA (11330 approx).
Nifty Large & Mid Cap Stocks
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