Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?

Nifty Enters Sell Trend, Will It Open Gap Down Tomorrow?

AMPLIFY Financial Course  | Dec 06, 2018 17:06

Nifty Enters Bear Zone


India’s benchmark Nifty witnessed selling pressure in today’s session as the index slipped below the trend change level of 10747 approx. The 10500 and 10600 strike Put options witnessed a surge in demand as the market slipped below 10740 approx and triggered a selling trend. Nifty might open gap down tomorrow as India Vix has surged 18% intraday and has closed above 19 approx. Going forward, Nifty is likely to face stiff resistance around the 15 DMA (10723 approx). The nearest downside target for the index is around the 34 DMA (10529) approx.

Stocks Under The Scanner
In today’s trade Sunpharma shares rose 1.11%, JSW Steel (NS:JSTL) shares rose 0.54%. Indiabulls (NS:INBF) Housing Finance shares dropped 5.97 % in the course of the day’s trade.

Nifty Options Data

The Outlook for 7th December 2018

Nifty Daily Chart Levels

In today’s trading, Nifty Future entered the selling territory as it slipped below the crucial level of 10747 approx. Put options witnessed a surge in demand as soon as the index slipped below 10740 approx and entered the sell zone. The 10500 and 10600 Put option buyers netted a whopping 64% return intraday as the index tanked 142 points intraday. There is a high possibility that Nifty will open gap down tomorrow as India Vix has surged 18% intraday and has closed above 19 approx.

Going forward, Nifty is likely to face stiff resistance around the 15 DMA (10723 approx). The nearest downside target for the index is around 34 DMA (10529 approx). If Nifty trades below 10505 approx, it will scale down to the daily lower-Bollinger band (10430 approx). On the other hand, if Nifty trades above the 200 DMA (10773.75 approx), it will scale up to the 5 DEMA high (10820 approx).

Nifty Hourly Chart Levels

In the hourly session, Spot Nifty has closed around 10601 approx. The index is likely to face stiff resistance around the hourly upper-Bollinger band (10695 approx). The nearest downside target is around the 50 HMA (10557approx). However, if the index trades below the 34 HMA (10512approx), it will scale down to the hourly lower-Bollinger band (10425approx).

Nifty Daily Chart

Nifty Share Price Technical Grid

Bank Nifty Options Data

Bank Nifty Options Data


ORIGINAL POST

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Jagannath Ghosh
Jagannath Ghosh

nifty is already bottom out, it is difficult for nifty to come to downtrend again. This is election year and news changes every analysis we do. It will start rally after election.  ... (Read More)

Dec 07, 2018 02:28 GMT· 6 · Reply
viral Loladiya
viral Loladiya

Market now very bed scenario. 10500 below Close then blood bath  ... (Read More)

Dec 06, 2018 12:30 GMT· Reply
Kyra Bangargi
Kyra Bangargi

Mkt will attempt to reverse tomorrow after a possible gap down... Bank nifty will lead the reversal....  ... (Read More)

Dec 06, 2018 12:28 GMT· 1 · Reply
kandhasamy shivakumar
kandhasamy shivakumar

no  ... (Read More)

Dec 06, 2018 12:21 GMT· Reply
LAKSHMI NIWAS GOWDA
LAKSHMI NIWAS GOWDA

tomorrow nifty support 10580 resistant 10710  ... (Read More)

Dec 06, 2018 12:19 GMT· Reply
Chirag Garala
Chirag Garala

yes, now market is in down tred zone  ... (Read More)

Dec 06, 2018 12:18 GMT· Reply
ashok jain
ashok jain

hi  ... (Read More)

Dec 06, 2018 12:16 GMT· 1 · Reply
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