Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
* After forming an all-time high, the Index falls for more than 250 points, however, downside halted at 21 Days Moving Average which was placed at 11618.80 level which indicates a bounce back movement in the Index.
* Moreover, the Index has good support for its previous bottom which came 11550 level which again suggests a bounce back movement.
* Furthermore, the Nifty has taken strong support of its 200 Hourly Moving Average which shows a positive rhythm in the Index.
* A daily ADX indicator indicates strength in trend as it is trading above 25 marks along with a positive crossover of ADX Plus and ADX Minus.
* Based on the above technical structure, we are expecting a strong support comes at 11550 levels while upside resistance comes at 11855.
Bank Nifty Outlook
* After forming a double top formation, the Index plunged upto to its previous bottom, however, a sudden recovery in banking counters helped the Index to gain the steam and managed to close in green.
* On an hourly chart, the Index has closed above its 200 Hourly Moving Average which shows a positive rhythm for the time being in the Index.
* Moreover, the Index has given a breakout of its Downward Falling Trend line which suggests a robust upside movement.
* A daily momentum indicator RSI reading is at 52.90 level with a 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 29430 level while upside resistance comes at 30000.
To Read Complete Report & Disclaimer Click Here
For More choiceindia Disclaimer http://www.choiceindia.com/disclaimer.aspx
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer