#NiftyFuture Technical View For 26th-30th Aug 2019

NiftyFuture Last Close : 10842.70

NiftyFuture has plunged sharply for second consecutive week, Week losing 223 points. The Rupee has crashed to 8 months low during the week and was very close to 72 mark. SEBI tweak in buyback norms and tightening of rules for credit agencies.

For the week, FMCG index was down by 2.2%, PSU Bank index lost 7.5%, Metal index plunged by 5%, Private bank index melted 4.5%, Nifty Bank index crashed by 4.5%, Auto index edged lower by 0.4% and Midcap 100 index fell by 3%……… Whereas IT index ended with smart gains up by 3% and Pharma index was up by 1.3% which was helped by dollar strength

Finally FM was released almost 2nd budget on yesterday after market hours. Very positive announcement for equity market. No surcharge on FPIs, Additional liquidity support 20k cr for housing finance company, Govt withdraw “Angel Tax” for startup companies, Withdraw surcharge levied on LTCG & STCG, and some relaxation news for automobiles.

On Friday, NiftyFuture has formed solid bullish candle on daily chart and NiftyFuture also managed to close above the recent low (05th Aug low was 10806).

Technically, NiftyFuture is facing a weekly trend line resistance at 11040 & next very strong stiff resistance 200 DMA around 11180-11220.

Yes, Index if managed above 11200 and closes above the level, Further up move will be expected.

On the other hand, NiftyFuture can be considered as supports 10800-10720 and 10640. Will act strong support around 10640.

After stimulus package, Index if failed to take support at 10640 even God cannot save our market………..Free fall will be expected!!

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Updated : 01.03 PM / 24th Aug 2019