Nifty daily report : 1st August 2018

NIFTY DAILY TECHNICAL REPORT

Current Level: 11374.10

Support: 11149.10-11220.10-11292.20

Resistance: 11420.20-11492.90-11563.90

Weekly View:

·       Key resistance is at 11420.90. Nifty needs to trade over 11420.90 after the RBI meeting to rise to 11563.80 and 11629.30.

·       Intraday bearish trend will be there only if nifty trades below 11292.20 after the RBI meeting.

·       Crash point is at 11220.10

One should look for signs of profit taking on long positions towards the close due to Federal Reserve meeting tomorrow.