On Thursday, the 11,665 and 11,700 level are likely to pose resistance for Nifty, while supports will come in at 11,490 and 11,430 levels.
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The domestic equity market had a positive session on Wednesday, as Nifty went on to extend its gains after half a day of consolidation. The market saw a positive start to the session and traded with capped gains in the morning session. At one point, after trading in defined range, Nifty gave up the gains to trade flat by afternoon. However, the market picked up pace in the second half and Nifty not only recouped the morning losses but also got stronger as the session progressed. Moving past the psychological mark of 11,600, the index maintained its gains until the end of the session.
The headline index ended the day with a net gain of 82.75 points, or 0.72 per cent. As the market ended near the high point of the day, there are chances that Nifty would extends its gains at least in initial trade on Thursday. Nifty now trades well above the Double Top resistance point at 11,430. This level has now become the short-term support for the market followed by the 50-DMA, which currently stands at 11,235. Nifty has raised its support to 11,430 level for the near term following Wednesday’s move. Volatility continued to decline; and INDIA VIX came off 4.55 per cent to 19.6600.
On Thursday, the 11,665 and 11,700 level are likely to pose resistance for Nifty, while supports will come in at 11,490 and 11,430 levels.
The Relative Strength Index, or RSI, on the daily chart stood at 61.90. It continued to be neutral and did not show any divergence against price. The daily MACD remains bearish, as it trades below the signal line. However, the sharply narrowing slope of the Histogram pointed towards a likely positive crossover in the coming days.
ET CONTRIBUTORS
A White Body emerged on the candles ,which signalled a bullish trend during the day. Pattern analysis showed Nifty is attempting to move past the Double Top resistance level. It has taken out this level after failing in its first attempt. The second attempt has moved the immediate short-term support for the index higher to 11,430 level.
Weekly option contracts expire on Thursday and the 11,700 level holds maximum Call Open Interest. So, if we do not have any overnight negative cues to deal with, Nifty may try to test the 11,700 level. The 11,500 level holds the highest Put Open Interest, which shows that unless there is any tactical shift in positions, Nifty may not go below these levels. Given the current technical setup, Nifty is likely to stay and trade in a defined range in the coming session. We recommend approaching the market with a selective approach.
(Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Man Paralyzed In 2016 Pennsylvania Cookout Shooting Dies
A man paralyzed in a 2016 shooting at cookout in western Pennsylvania that killed five people and an unborn baby has died, officials said.
Last Updated: September 16, 2020, 9:03 PM IST
PITTSBURGH: A man paralyzed in a 2016 shooting at cookout in western Pennsylvania that killed five people and an unborn baby has died, officials said.
John Ellis, 51, died Tuesday at UPMC Mercy Hospital, where he was taken Friday for complications, according to the Allegheny County Medical Examiner’s Office.
Ellis lived next door to the Wilkinsburg home where the cookout was taking place on March 9, 2016, and was sitting at a backyard table when gunfire rang out.
Three siblings including one who was eight months pregnant and two cousins were killed. Ellis and two others were wounded.
Authorities charged two men in the shooting.
Charges were dismissed against one man, and a jury in February reached acquitted the other.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
International Day for the Preservation of the Ozone Layer: All You Need to Know
File photo: Scientists from the German Aereospace Center (DLR) used data from the Copernicus Sentinel-5P satellite, to record an unusual ozone hole form over the Arctic. (Credit: Copernicus data (2020), processed by DLR/BIRA/ESA)
September 16 is celebrated as International Day for the Preservation of the Ozone Layer or World Ozone Day. Ozone is the essential gaseous layer around our planet which maintains the balance in nature.
Last Updated: September 16, 2020, 11:35 AM IST
We all are aware about the fact that the world is on fire, from the west coast in the United States of America to the catastrophic bushfires in Australia earlier this year. It has become essential for us to preserve our planet earth. September 16 is celebrated as International Day for the Preservation of the Ozone Layer or World Ozone Day. Ozone is the essential gaseous layer around our planet which maintains the balance in nature.
What is Ozone?
Just like we wear sunscreen on our bodies to protect ourselves from the harmful effects of sunlight, the ozone layer acts like the sunscreen for planet earth. It is a fragile gaseous shield which protects the Earth from the harmful portion of the rays of the sun, thus helping to preserve life on the planet. The stratospheric layer shields Earth from most of the sun’s harmful ultraviolet radiation.
What happened to it?
This delicate shield was endangered after observations and measurements from satellites and other instruments resulting in an ozone hole over Antarctica that was growing larger every year. Now, a similar hole has opened over the Arctic. The stratospheric ozone coverage worldwide had dropped 5% between 1970 and the mid-1990s. The damage to the layer was due to ozone-depleting gases (ODSs) used in aerosols and cooling, such as refrigerators and air-conditioners. The ozone hole was threatening to increase cases of skin cancer and cataracts, and damage plants, crops, and ecosystems.
What did we do?
To tackle this problem, governments around the world came together and adopted the Vienna Convention for the Protection of the Ozone Layer in 1985. The Convention’s Montreal Protocol asked governments, scientists and industry workers to cut out 99 per cent of all ozone-depleting substances. Due to these substantial steps, the ozone layer is now healing and is expected to return to pre-1980 values by mid-century according to the United Nations.
Did we solve it?
Countries around the world have worked together to reduce and eliminate the use of chlorofluorocarbons (CFCs) and other ozone-destroying chemicals for 30 years now. The collective effort bore its fruits after a 2016 study, which tracked the evolution of the size of the ozone hole over Antarctica and observed that stratospheric ozone concentrations were continuing to increase and that the size of the Antarctic ozone hole had declined between 2000 and 2015. The ozone is expected to fully heal between 2040 and 2070.
Trade Setup: Nifty may try to test 11\,700 level amid weekly expiry
Trade Setup: Nifty may try to test 11\,700 level amid weekly expiry
China, UAE See Positive Results In Phase 3 COVID-19 Vaccine Trials, Says Official
HomeWorldChina, UAE See Positive Results In Phase 3 COVID-19 Vaccine Trials, Says Official
China, UAE See Positive Results In Phase 3 COVID-19 Vaccine Trials, Says Official
Chinese foreign ministry spokesman Wang Wenbin said China and the United Arab Emirates have seen some positive results in their Phase III COVID-19 vaccine trials.
WorldReutersUpdated: September 16, 2020 1:54 pm IST
UAE on Monday granted emergency approval for use of a coronavirus vaccine. (Representational)
Beijing:
China and the United Arab Emirates have seen some positive results in their Phase III COVID-19 vaccine trials, Chinese foreign ministry spokesman Wang Wenbin told a news briefing in Beijing.
The United Arab Emirates on Monday granted emergency approval for use of a coronavirus vaccine, six weeks after human trials in the Gulf Arab state started.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)