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NIFTY takes support at 11250! Still in bear region.

NSE:NIFTY   Nifty 50 Index
Nifty - Technical Analysis:
-Nifty was up 21.10 points or 0.19% at 11,355.
-It gapped down today and dropped to 11250 but bounced back from the support and closed postive.
-Nifty forms a doji again on daily chart indicating indecision in markets. Swing traders are advised to take their profits and wait for further levels before taking positions.

Market - Driving Factors:
-About 1212 shares have advanced , 1461 shares declined, and 187 shares are unchanged.
-Bharti Infratel, HDFC Life, Dr Reddy’s Labs, HUL and ITC were among major gainers on the Nifty , while losers were M&M, UPL , GAIL , Bajaj Finance and NTPC .
-Among sectors, FMCG and IT indices ended in the green, while selling witnessed in the auto, bank, energy and infra names.
-On day one of bidding, Happiest Minds Technologies' initial public offering is seeing a good response from retail investors so far. Expect listing gains of around 10-15%

Nifty - Outlook for Tuesday, 8th September:
NIFTY bounced from 11250 indicating a buying pressure at the support, We can expect a sideways movement before a trend is formed. On a day when markets remained flat and range bound for most part of the day we witnessed smart buying across select stocks in the broader market in diverse sectors like MNC Pharma , Chemicals & Speciality Chemicals indicating opportunities in certain spaces but people are advised to book their profits and wait for further levels.

Comments

Kindly check Nifty & Bank Nifty on weekly charts.

Bearish Engulfing & Three Inside Down candles respectively at the top.

That will answer ask the queries relating to upcoming trend or movement in both these index.
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Algokart nc82online
@nc82online, Nice observation! Thanks for sharing :)
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@nc82online, what is inside down candle
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DM us or comment on this post for further analysis or for any queries
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