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Published on 6/11/2018 9:30:08 AM | Source: Choice Broking Pvt Ltd

Bank Nifty Index opened at 25,731.55 and went up to an intraday high of 25,788.20 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

*  Nifty closed the day on negative note on Monday, closing the day at 10,528.20 with a loss of 24.80 points or 0.24 percent.

*  On a daily chart, Nifty is sustaining above its 21 Days Simple Moving Average which shows an upside rally in the Index.

*  A daily momentum indicator RSI reading is at 50.30 level with a positive divergence and trading above oversold zone.

*  With the ongoing structure, we are expecting the index to find resistance at 10,710 level while downside support comes at 10,475 level.

 

Bank Nifty Outlook

*  Bank Nifty Index opened at 25,731.55 and went up to an intraday high of 25,788.20 closing the day at 25,747.95 with a gain of 46.30 points or 0.18 percent.

*  On an hourly chart, Bank Nifty is forming Rounding Bottom pattern and about to give a breakout which indicates an upside move in the Index.

*  A daily momentum indicator RSI reading is at 55.37 level and trading above oversold zone with a positive crossover.

*  Going forward, during the day we expect the index to find resistance at 26,100 level, whereas support is likely to be placed at 25,600 level.

 

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