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Published on 18/09/2019 9:43:41 AM | Source: Choice Broking Pvt Ltd

We are expecting that the Nifty may face strong resistance 10,950 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* After opening flat at 11,000.10, which was also the day's high, the Nifty extended selling pressure and hit an intraday low of 10,796.50 in late trade. It closed 185.90 points, or 1.69 percent, lower at 10,817.60.

* On a daily chart, the Index has formed big bearish candle with high volume activity which show downside movement in the Index.

* On small time frame, the Index has been trading below its 21*50 Days Simple Moving Averages with negative crossover which show negativity in the Index.

* A daily momentum indicator RSI reading is at 41.52 level with a negative crossover ,apart from this, RSI has been given breakdown of its Rising Trend line which point out negative breath in the Index.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 10,950 while downside support comes at 10,750 level.

 

Bank Nifty Outlook

* The Bank Nifty opened negative and witnessed sustained selling pressure towards 27,000 levels. The index closed 2.6 percent lower at 27,131.75.

* On a daily chart, the Index has been giving breakdown of its Falling Trend Line and also closed below this this indicate down side movement in the Index.

* On an hourly chart, the Index has been trading below its 21 and 50 Days Simple Moving Average which show negative movement in the Index.

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

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 27,572 while downside support comes at 26,995 level.

 

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