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Published on 17/05/2019 10:55:02 AM | Source: Choice Broking Pvt Ltd

We are expecting a strong support comes at 11,130 levels - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* Benchmark Index Nifty 50 opened at 11180.35 and made an intraday Low at 11136.95 level ,after taking support of its previous low its surge from its day’s low & close near day's high at 11281.55 level with finishing above 11,275 level.

* On a daily chart, after giving a healthy correction from its all-time high, the Index has taken a support of is 100 Days Moving Average which is placed at 11136.50 level which shows a bounce back movement in the Index.

* A momentum indicator RSI reading is at 55.56 level with a positive crossover on an hourly chart which point out positive breath in the Index.

* Based on the above technical structure, we are expecting a strong support comes at 11,130 levels while upside resistance comes at 11,300.

 

Bank Nifty Outlook

* During Yesterday treading session, Index opened at 28625.90 after that the index traded in range bound movement B/W 28525.45-28654.35, however during 2nd half of the trading session, bullish movement seen in Index made high at 28947.60 level.

* On a daily scale, the Index is bouncing back after taking a strong support of around 28544.80 level which is 50.00% retracement level of its previous move from 26441.55 level to 30648.10 level which suggests a positive move in the Index.

* On an hourly chart, price has taken a support at falling trend line, which could be a further support zone for near term.

* A hourly momentum indicator RSI reading is at 54.42 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 28,500 level while upside resistance comes at 29,120.

 

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