NIFTY crosses 11550! price near resistance zone
Nifty - Technical Analysis:
-Nifty gapped up above 11500 and took support near previous close to move up
-A strong uptrend was observed in the last few hours as price closes to the resistance zone of 11600
Market - Driving Factors:
-The move today was in sync with a positive opening in the European markets which is banking on additional stimulus measures to aid economic recovery.
-Index heavyweight Reliance contributed more than half of the Nifty gains, while sectorally Auto and the Banking index contributed most.
-Tomorrow is the monthly F&O expiry day. Though index volatility has been limited in the past month, stock specific moves have been large and hence we could see some sharp moves in select stocks on squaring up/rolling over of positions.
-Tomorrow is also the much anticipated speech by the chairman of the U.S. Federal Reserve.
Nifty - Outlook for Thursday, 27th August:
Nifty took support from the longterm trendline and moved above 11550. It will face the resistance one at 11600 and if selling is observed here then price can be pulled back near the trendline. Traders are expected to stay caution in the expiry day and not go for scalping tommorow.
-Nifty gapped up above 11500 and took support near previous close to move up
-A strong uptrend was observed in the last few hours as price closes to the resistance zone of 11600
Market - Driving Factors:
-The move today was in sync with a positive opening in the European markets which is banking on additional stimulus measures to aid economic recovery.
-Index heavyweight Reliance contributed more than half of the Nifty gains, while sectorally Auto and the Banking index contributed most.
-Tomorrow is the monthly F&O expiry day. Though index volatility has been limited in the past month, stock specific moves have been large and hence we could see some sharp moves in select stocks on squaring up/rolling over of positions.
-Tomorrow is also the much anticipated speech by the chairman of the U.S. Federal Reserve.
Nifty - Outlook for Thursday, 27th August:
Nifty took support from the longterm trendline and moved above 11550. It will face the resistance one at 11600 and if selling is observed here then price can be pulled back near the trendline. Traders are expected to stay caution in the expiry day and not go for scalping tommorow.
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