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Published on 21/05/2019 9:30:49 AM | Source: Choice Broking Pvt Ltd

Nifty opened at 11,651 and rose to an intraday high of 11,845 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* Nifty opened at 11,651 and rose to an intraday high of 11,845. It witnessed some profit booking at higher levels and closed at 11,828, up 421 points from its previous close of 11,407.

* Nifty 50 made long bullish candle with volume activity is gradually picking up with the rise in price on daily chart the which indicates a positive rhythm which can be seen in the near term.

* A daily ADX indicator indicates strength in trend as it is trading above 28 marks along with a positive crossover of ADX Plus and ADX Minus.

* A daily momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price.

* Based on the above technical structure, we are expecting a strong support comes at 11,740 levels while upside resistance comes at 11,900.

 

Bank Nifty Outlook

* Yesterday, we have seen a Highly one side after a Gap Up Opening on the hourly chart, though the Index surges during the 1st half of the session however the Index given breakout of its rang bound movement and made intraday high 30827.85 and finished at 30766.90.

* On a daily chart, the stock has given a breakout of its Upper Band of Falling Wedge Formation which indicate more bullishness in the Index.

* Moreover, the Index has started to trade above its 21 Days Exponential Moving Average which show upside movement in the Index.

* A daily momentum indicator RSI reading is at 64.87 level with positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting a strong support comes at 30,300 level while upside resistance comes at 31,350.

 

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