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NIFTY takes support at 11250! Still in bear region.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.
NSE:NIFTY
by Algokart
4
UPL: Gearing for some upside ..After witnessing a sharp decline since May this year UPL has managed to stage a slow but steady revival . The daily charts reveal a steady trended action that is seen generating a demand at every pullback. The ascending trendline support suggests that the uptrend is intact and we could see more upside as value area resistance around 600 has been overcome. With the RSI also rebounding from the neutral zone one could expect that the bullish bias could persist and one should look to participate at current levels for an upside towards 645. One could also look at dips towards 590 as an additional / alternate levels to buy into. The stop for the trade would be below 580 at the time of initiation. Idea sourced from NeoTrader trade.chartadvise.com
NSE:UPLLong
by Raja_Chart_Advise