Nifty Outlook for Monday, 10th August | 50x Investments

Nifty - Technical Analysis:

• Nifty had a gap-down opening on hourly charts and remained within a range throughout the day.
  
• On the 15-minute chart, most candles had long upper and lower shadows indicating the presence of uncertainty in the markets.
  
• 9-period SMA closed above the 12-period SMA on 15-minute charts indicating the small positive bias in the markets.
  
  Market - Driving Factors:
• Vodafone Idea declared their Q1 results and it was once again a poor show in absolute terms. The stock still ended over 7% up because the results were better than street estimates. Lupin too had a poor Q1 and the stock ended over 6% lower.
  
• Nifty IT and Pharma indices ended lower today probably because of a strengthening rupee. The Nifty PSU Bank index broke its poor recent run and ended almost 1% in the green.
  
• Silver continued its stellar rally and is 2% up as of 5:18pm.
  
  Nifty - Outlook for Monday, 10th August:
• A break out from the 11000-11300 range could give some certainty to the direction of markets.
  
• Such a breakout would at least lead to a measured move if not a deeper trend change for the long term.
  
• A weekend break might just help markets get a direction and shift sentiment to one side. So, one should avoid any huge directional bets early on Monday till a direction emerges.