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Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?

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Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?
By AMPLIFY Financial Course   |  Dec 06, 2018 17:06
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Nifty Enters Bear Zone
Nifty Enters Bear Zone


India’s benchmark Nifty witnessed selling pressure in today’s session as the index slipped below the trend change level of 10747 approx. The 10500 and 10600 strike Put options witnessed a surge in demand as the market slipped below 10740 approx and triggered a selling trend. Nifty might open gap down tomorrow as India Vix has surged 18% intraday and has closed above 19 approx. Going forward, Nifty is likely to face stiff resistance around the 15 DMA (10723 approx). The nearest downside target for the index is around the 34 DMA (10529) approx.

Stocks Under The Scanner
In today’s trade Sunpharma shares rose 1.11%, JSW Steel (NS:JSTL) shares rose 0.54%. Indiabulls (NS:INBF) Housing Finance shares dropped 5.97 % in the course of the day’s trade.

Nifty Options Data
Nifty Options Data

The Outlook for 7th December 2018

Nifty Daily Chart Levels

In today’s trading, Nifty Future entered the selling territory as it slipped below the crucial level of 10747 approx. Put options witnessed a surge in demand as soon as the index slipped below 10740 approx and entered the sell zone. The 10500 and 10600 Put option buyers netted a whopping 64% return intraday as the index tanked 142 points intraday. There is a high possibility that Nifty will open gap down tomorrow as India Vix has surged 18% intraday and has closed above 19 approx.

Going forward, Nifty is likely to face stiff resistance around the 15 DMA (10723 approx). The nearest downside target for the index is around 34 DMA (10529 approx). If Nifty trades below 10505 approx, it will scale down to the daily lower-Bollinger band (10430 approx). On the other hand, if Nifty trades above the 200 DMA (10773.75 approx), it will scale up to the 5 DEMA high (10820 approx).

Nifty Hourly Chart Levels

In the hourly session, Spot Nifty has closed around 10601 approx. The index is likely to face stiff resistance around the hourly upper-Bollinger band (10695 approx). The nearest downside target is around the 50 HMA (10557approx). However, if the index trades below the 34 HMA (10512approx), it will scale down to the hourly lower-Bollinger band (10425approx).

Nifty Daily Chart
Nifty Daily Chart

Nifty Share Price Technical Grid
Nifty Share Price Technical Grid

Bank Nifty Options Data

Bank Nifty Options Data
Bank Nifty Options Data


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Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?
 

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Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?

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Jagannath Ghosh
Jagannath Ghosh Dec 07, 2018 7:58
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nifty is already bottom out, it is difficult for nifty to come to downtrend again. This is election year and news changes every analysis we do. It will start rally after election.
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Jagannath Ghosh
Jagannath Ghosh Dec 07, 2018 7:58
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AMPLIFY Financial Courseoption chain analysis describes the sentiments of the market, it is time now to invest in quality stocks, low quality stocks always make lows as expected.
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AMPLIFY Financial Course
AMPLIFY Financial Course Dec 07, 2018 7:58
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Jagannath Ghosh fantastic point. You want to use valuation techniques while picking up quality stocks. Try avoiding the option chain. It's a delayed data feed. Design a leading strategy to trade derivatives. And invest the profits in quality stocks. Hope this helps!
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Jagannath Ghosh
Jagannath Ghosh Dec 07, 2018 7:58
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AMPLIFY Financial Course  Analysis cannot he done with only with option chain, it must include 360 degree analysis, including other technical indicators which points the price action and reversal.
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AMPLIFY Financial Course
AMPLIFY Financial Course Dec 07, 2018 7:58
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Jagannath Ghosh you certainly are an intelligent investor!! Technical indicators are light-years ahead of the option chain. Add company valuation to that and you have the perfect recipe to retire early with ample wealth in the bank account. Well Done ! We're sure you'll go a long way.
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Jagannath Ghosh
Jagannath Ghosh Dec 07, 2018 7:58
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AMPLIFY Financial Course  Trade less and research more, market cannot prove you wrong.
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viral Loladiya
viral Loladiya Dec 06, 2018 18:00
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Market now very bed scenario. 10500 below Close then blood bath
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Kyra Bangargi
Kyra Bangargi Dec 06, 2018 17:58
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Mkt will attempt to reverse tomorrow after a possible gap down... Bank nifty will lead the reversal....
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AMPLIFY Financial Course
AMPLIFY Financial Course Dec 06, 2018 17:58
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Dear Kyra, trading involves being prepared for all possible scenarios. Good trading is the goal. Avoid predicting the market. Use a good strategy that catches the price early. Good Wishes!
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kandhasamy shivakumar
kandhasamy shivakumar Dec 06, 2018 17:51
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no
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LAKSHMI NIWAS GOWDA
LAKSHMI NIWAS GOWDA Dec 06, 2018 17:49
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tomorrow nifty support 10580 resistant 10710
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Chirag Garala
Chirag Garala Dec 06, 2018 17:48
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yes, now market is in down tred zone
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ashok jain
ashok jain Dec 06, 2018 17:46
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hi
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AMPLIFY Financial Course
AMPLIFY Financial Course Dec 06, 2018 17:46
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Hello
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