NIFTY takes support from trend line! Bulls in control
Nifty - Technical Analysis:
-Nifty gapped up above 11500 and soon fell down to fill the gap
-After a small pullback it fell a bit more to another trend line forming a lower low, After two failed attempts to get a strong bear trend nifty reversed up a bit
Market - Driving Factors:
-Among sectors, except bank and auto, other indices ended in the red. BSE Midcap and Smallcap ended with marginal gains.
-Tata Motors, Bajaj Finance, SBI, Tech Mahindra and Asian Paints were among major gainers on the Nifty, while losers were GAIL, Sun Pharma, NTPC, Shree Cements and Hero MotoCorp.
-RBI has been away from the markets for a few weeks now, and the announcement of the OMO is a positive indication that RBI is back, and that will help calm the fixed income markets to some extent.
Nifty - Outlook for Thursday, 20th August:
Nifty struggles to sustain above the 11500 mark, but taking support from trendline is a sign that bulls are still in control. Nifty to see a bullish bias ahead with slight probability to move sideways .
-Nifty gapped up above 11500 and soon fell down to fill the gap
-After a small pullback it fell a bit more to another trend line forming a lower low, After two failed attempts to get a strong bear trend nifty reversed up a bit
Market - Driving Factors:
-Among sectors, except bank and auto, other indices ended in the red. BSE Midcap and Smallcap ended with marginal gains.
-Tata Motors, Bajaj Finance, SBI, Tech Mahindra and Asian Paints were among major gainers on the Nifty, while losers were GAIL, Sun Pharma, NTPC, Shree Cements and Hero MotoCorp.
-RBI has been away from the markets for a few weeks now, and the announcement of the OMO is a positive indication that RBI is back, and that will help calm the fixed income markets to some extent.
Nifty - Outlook for Thursday, 20th August:
Nifty struggles to sustain above the 11500 mark, but taking support from trendline is a sign that bulls are still in control. Nifty to see a bullish bias ahead with slight probability to move sideways .
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