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The bulls failed to keep the momentum going on D-Street as the Nifty50 closed below 11,300 on August 10. A tug of war between the bulls and the bears continued, which suggests that strong resistance is placed at 11,300-11,350.
The Nifty 50 ended at 11,270, gaining 56 points, while the S&P BSE Sensex rose 141 points to 38,182.
Sectorally, action was seen in healthcare, capital goods, realty, industrials, and utilities, while profit-taking was visible in energy, and oil & gas stocks.
The good part is that the Nifty 50 closed above 11,250 levels but traders should remain cautious at higher levels near 11,300-11,350, say experts. On the other hand, if the index closes below 11,250-11,200 levels, further selling pressure could be seen.
We are still maintaining our Target for Nifty 11800+ and Banknifty 23100+.
Every Dips now a opportunity to add more.
Regards,
StockTradingF&O Team
Disclaimer: The Discussion/trade set up is only for educational purposes. Please consult your own financial advisor before investing on the basis of any recommendations made here.