The immediate hurdle for the Nifty is placed at 11760-11,777 while supports are placed at 11620-11500 for September series.
The Nifty50 might have closed lower on the August expiry day but it rallied 4.5 percent or a little over 500 points in August series to touch new highs above 11700.
A couple of factors which started weighing on investor sentiment is falling rupee as well as rise in crude oil prices which are a threat to our current account deficit, as well as trade war woes.
Washington has proposed slapping tariffs on a further USD 200 billion worth of Chinese goods after a public comment period ends on Wednesday, September 5, said a Reuters report.
The Indian rupee fell further by 23 paise against the US dollar to trade at a lifetime low of 70.82.
On the macroeconomic front, India likely grew by 7.6 percent in the April-June quarter, a Reuters poll showed.
Forecasts for the USD 2.59 trillion economy ranged between 7 and 8 percent.
The immediate hurdle for the Nifty is placed at 11760-11,777 while supports are placed at 11620-11500 for September series.
Technical View:
Nifty formed a Hammer like pattern on daily charts
It took support at its 5-EMA and bounced back
Option data is scattered at all the strike price since it’s the beginning of September series.
India VIX fell down by 0.22 percent at 12.41 levels. Overall lower volatility suggests that bulls are likely to hold the grip on the market.
Three levels: 11620, 11760, 11800
Max Put OI: 11000, 11400
Max Call OI: 11800, 12000
Technical Recommendations:
We spoke to Way2Wealth Brokers Pvt. Ltd and here’s what they have to recommend:
Sun Pharma: LTP: Rs 639.50| Buy around Rs 635 - 630| Target: Rs 690-725| Stop loss: Rs 600 | Return: 13%
PTC India Financial Services: LTP: Rs 19 | Buy at Rs 18.80-19.00| Target: Rs 24 | Stop loss: Rs 17| Return: 26%
Tata Elxsi: LTP: Rs 1407 | Sell below Rs 1388 | Target: Rs 1320 - 1275 | Stop loss: Rs 1440 | Return: 9%
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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