NIFTY forms triangle pattern! Check out where it could breakout.
Nifty - Technical Analysis:
-Nifty ended flat today, after opening above 11550 it made lower highs forming a triangle pattern
-Closed at 11535, breakout to be seen from the triangle on Friday
-The markets traded with lacklustre volumes with no definite direction. If we need to see higher levels, we need to cross the resistance of 11600
Market - Driving Factors:
-Among sectors, buying witnessed in the IT, pharma, auto and FMCG pack, while bank and metal remained under pressure.
-Bharti Infratel, Grasim Industries, Titan Company, UPL and Wipro were among major gainers on the Nifty,
-While Top losers were: Bharti Airtel, ICICI Bank, Hindalco Industries, Axis Bank and Kotak Mahindra Bank
-30-34 Companies have received approvals for initial public offerings (IPOs) totalling around Rs 33,500 crore would be hitting the market soon.
Nifty - Outlook for Friday, 4th September:
NIFTY formed a descending triangle pattern in 1hr charts. If the lower base of the triangle breaks, then the trendline might be tested again. A breakout above the triangle will lead to resistance zone and crossing above 11600 could see higher levels towards 12000.
-Nifty ended flat today, after opening above 11550 it made lower highs forming a triangle pattern
-Closed at 11535, breakout to be seen from the triangle on Friday
-The markets traded with lacklustre volumes with no definite direction. If we need to see higher levels, we need to cross the resistance of 11600
Market - Driving Factors:
-Among sectors, buying witnessed in the IT, pharma, auto and FMCG pack, while bank and metal remained under pressure.
-Bharti Infratel, Grasim Industries, Titan Company, UPL and Wipro were among major gainers on the Nifty,
-While Top losers were: Bharti Airtel, ICICI Bank, Hindalco Industries, Axis Bank and Kotak Mahindra Bank
-30-34 Companies have received approvals for initial public offerings (IPOs) totalling around Rs 33,500 crore would be hitting the market soon.
Nifty - Outlook for Friday, 4th September:
NIFTY formed a descending triangle pattern in 1hr charts. If the lower base of the triangle breaks, then the trendline might be tested again. A breakout above the triangle will lead to resistance zone and crossing above 11600 could see higher levels towards 12000.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.