Stock Market Tips Today by Ripples Advisory – 7th September 2018
Nifty Bounced Back From Low Due To Short Covering By Pro In Index Option
Nifty bounced back from low due to short covering by Pro in Index option. Yesterday PRO short covered 86700 contracts Index option and FII maintained their sell positions. We suggest trading with caution as FII are on sell side while pro has started covering their short position. As for now 11397 and 11562 has become an important level to watch, breaching any of these levels will further decide the course of direction for the market. The Nifty 50 Index gained 60 points or 0.52% to close at 11537 after making a low of 11436.
The sentiment was boosted as Finance Minister Arun Jaitley's comments on the falling value of the rupee and an assurance by capital market regulator SEBI that it would review an order tightening rules on foreign funds ownership by entities of Indian origin.
The rupee fell below the 72 level for the first time ever as investors awaited the U.S. decision on additional China import tariffs.
Nifty is opening gap down by 20points from previous day close of 11567. Currently, Nifty trading at 11547 as per SGX Nifty.
The US 10 Year T-Note is trading at 120.20. The Bond has broken its important low of 120.03 on 28th Feb 2018. The next support level is at 117.69 which is the low of Jan 2011. The US Dollar Index is trading at 95.01.
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Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.
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