NIFTY flag pattern observed!| Bounced from 11400
Nifty - Technical Analysis:
-Nifty gapped up today but closed at 11421 below the opening price at 0.2%
-Nifty saw resistance around 11450 but took support at 11400 and bounced back
Market - Driving Factors:
-Zee Entertainment, GAIL, Bharti Airtel, Tech Mahindra and Maruti Suzuki were among major gainers on the Nifty, while losers included Bajaj Auto, Nestle, ONGC, Coal India and Wipro.
-Among sectors, IT, pharma and FMCG ended with in the red, while buying witnessed in the banking & financial, energy and infra sectors
-Indian rupee opened higher at 74.69 per dollar on Wednesday versus previous close of 74.76, amid buying seen in the domestic equity market.
Nifty - Outlook for Thursday, 20th August:
Nifty saw a good gap-up in the morning but erased gains during the final hour. Flag pattern is being observed where NIFTY took support twice around 11400. We could see a good up-move when it breaks out of the flag to 11500.
-Nifty gapped up today but closed at 11421 below the opening price at 0.2%
-Nifty saw resistance around 11450 but took support at 11400 and bounced back
Market - Driving Factors:
-Zee Entertainment, GAIL, Bharti Airtel, Tech Mahindra and Maruti Suzuki were among major gainers on the Nifty, while losers included Bajaj Auto, Nestle, ONGC, Coal India and Wipro.
-Among sectors, IT, pharma and FMCG ended with in the red, while buying witnessed in the banking & financial, energy and infra sectors
-Indian rupee opened higher at 74.69 per dollar on Wednesday versus previous close of 74.76, amid buying seen in the domestic equity market.
Nifty - Outlook for Thursday, 20th August:
Nifty saw a good gap-up in the morning but erased gains during the final hour. Flag pattern is being observed where NIFTY took support twice around 11400. We could see a good up-move when it breaks out of the flag to 11500.
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