Nifty Daily Update Sept 12 2017. Strong Follow Up Day.

Market Sept 12th

Today was a strong follow up day for the Nifty.  A follow up day is a bullish day followed by yet another bullish day indicating strength behind the rally. Now let us look at some key statistics to understand how strong or weak the follow up day was.  
  • Market opened gap up at 10056 a good 28 points above the high of yesterday.
  • The day's high was 10097.55 while the day's close was 10093.05.
  • Today's low of 10028.05 compared to yesterday's high of 10028.65
  • The market overcame the resistance at 10060
  • The day's candle broke the Bollinger Upper Band decisively after tentatively tagging the upper band yesterday.
  • Turnover was 300 crores higher than yesterday and 1000 crores more than Friday.
  • Turnover was 474 crores higher than simple 10 day Moving average of Turnover
Considering the volume, the price and the shape of the candle, one can say the Bulls have done their bit today to assert their presence.

The Nifty is now within striking distance of the all time high of 10137.85. The momentum on the daily and weekly charts is gathering strength. There is a good possibility that this momentum may help the market to create new highs. But we have to wait ,watch and pray.

All the broad based and sectoral indices were green across the board. The advance decline ratio was about 1.45 to 1 with a positive bias. 108 securities made a new high today while 14 securities made a new low. 

Overall a very bouyant day at the market, one can safely conclude.

India Vix and Derivatives Data 

The India Vix indicated yet another day of bullish activity in the options market. The Vix fell by 4.78% and is currently below the 200 EMA indicating strong bullish trend. Looking at Options volumes, 955K puts were traded while 686K calls were traded. 9900 and 10200 are now forming the support and resistance as per options strike price OI data.

Range for Sept 13th

Nifty Range for Sept 13th is 10035 to 10150 with support at 10000 levels and once the previous high is crossed, no technical resistance will be in place.
Bank Nifty Range for Sept 13th is 24634 to 25087 with support at 24533.

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Disclaimer :


This blog is for educational and awareness purpose only. The views are intended for discussion and exchange of views rather than an expert opinion. This is not an recommendation to buy or sell or invest in the stock market and derivatives market. Kindly exercise caution and perform your own due diligence before investing in the market, after fully and clearly understanding the risks involved.


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