Published on 13/09/2017 10:46:44 AM | Source: Choice Broking

The Nifty was up by 87 points and settled at 10093.05 - Choice Broking

Posted in Market Outlook | #Market Outlook #Choice Broking


Nifty Outlook

* The 50-share NSE Nifty was up by 87 points and settled at 10093.05.

* On a daily chart, the nifty has taken a support of the 50% Fibonacci extension level, placed at 10029 level and moved towards north during the session.

* Moreover, the index has started to trade as per the momentum triple pattern theory in all the time frames, which is a positive sign.

* A daily momentum indicator RSI reading is at 63.12 level, trending above its average line which points out for a positive breath in the index.

* Based on the above technical parameters, we are expecting a higher side resistance level at 10140-10200 while downside support comes at 10030 level

 

Bank Nifty Outlook

* The market breadth was positive, the BankNifty closed at 24784.70 with gaining of 112.45 points.

* On a daily chart, the index has been trading above the 20 days exponential moving average which is a positive sign.

* Moreover, the index has taken a support of the 23.6% Fibonacci retracement level and has formed a Doji candlestick at the end of the session.

* A daily momentum indicator MACD is showing a positive crossover above the zero line which points out for a positive breath in the index.

* Based on the above technical parameters, we are expecting a higher side resistance level at 24900- 25000 while downside support comes at 24600 level.

 

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