NIFTY takes support from trend line! Bulls in control

NSE:NIFTY   Nifty 50 Index
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 .


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.