NIFTY rejects from resistance zone!

NSE:NIFTY   Nifty 50 Index
Nifty - Technical Analysis:
-Nifty gaps up above 11600 but gets rejected and fills the gap below
-Selling was observed from the zone and it made a lower lows and finally rising from 11550 and closed above previous day's close.

Market - Driving Factors:
-Gains in financials and realty stocks were capped by losses in index heavyweights RIL, Kotak Bank, HDFC Bank, and Infosys.
-Real estate stocks jumped with Nifty Realty up over 6 percent after Maharashtra government cut stamp duty from 5 percent to 2 percent. DLF zoomed 9 percent while Prestige, Sunteck Realty, Oberoi Realty, Godrej Properties, and Sobha surged over 6.5 percent each.
-Rupee ends at highest level against dollar since March 13. USDINR ended at 73.87

Nifty - Outlook for Friday, 28th August:
Nifty will test the below trendline for support, fall in price fall from here could see some selling pressure. If it takes support and rises from the trendline then the resistance zone might be tested once again.


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