AMPLIFY Trading Academy | Dec 06, 2018 17:06
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.
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).
Bank Nifty Options Data
Written By: AMPLIFY Trading Academy
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