NIFTY FUTURE TIPS FOR NEXT WEEK : 27th – 31th AUGUST

NIFTY FUTURE TIPS After 4 consecutive wins Nifty future closes last day of the week on negative note mainly due to sell off in banks, IT and auto. Nifty future closed today with a loss of 22.45 at 11572.95 and Bank Nifty future was down by 187.05 points at 27912.00. Rupee was once again open above 70 levels and at the time of equity market closing it were around 70.06 levels.

Among stocks, Vedanta, ONGC and Grasim were the top gainers, while Yes Bank, Adani Ports, and Titan emerged as the top losers today.

China and USA officials ended two days of talks on Thursday with no major breakthrough as their trade war escalated with activation of another tariffs on $16 billion worth of each country’s good.

Technical view of market movement for next week is expected to be sideways with major support of Nifty future is 11500-11390 and Resistance for the same is 11640-11780. On Thursday Nifty future has formed hanging man candlestick pattern which is bearish in nature but in confirmation of negative pattern Nifty future on Friday formed doji candlestick pattern which shows indecisiveness of market as bulls and bears are participating equally.

  • On daily chart both MACD and RSI are at indecisive level which shows range bound movement.
  • But on intraday and Weekly chart, Both MACD and RSI showing buy strength in Nifty future

If we talk about Bank Nifty future it was trading in a range of 27825-28390 from 6th of Aug 2018. We may see directional movement in Bank Nifty future if it gives breakout of above resistance level but in downside it has support at the level of 27660 and 27390 which bares Bank Nifty future to move downside. 27825 is crucial support level for Bank Nifty future and if it doesn’t break then we may see buying from current levels.

  • On daily chart MACD has given negative crossover and RSI showing negative divergence mainly due to see off in Banks from last 2 days
  • Indicators are showing buying from support levels on intraday charts and on weekly charts indicators showing bullish strength.

From the above evidence we believe that market will trade in sideways movement and buying around support level and selling on high strategy to be follow.

      INDEX SNAPSHOT

INDEX OPEN HIGH LOW CLOSE
NIFTY FUTURE 11518.95 11622.00 11510.05 11571.60
BANK NIFTY FUTURE 28290.00 28377.60 27861.25 27908.80

 

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