Nifty closed the day on positive note on Wednesday, closing the day at 10,598.40 with a gain of 68.40 points or 0.65 percent.
On an hourly chart, Nifty is sustaining above its 200 Hourly Exponential Moving Average which shows an upside rally in the Index.
A daily momentum indicator RSI reading is at 52.99 level with a positive crossover and trading above oversold zone.
With the ongoing structure, we are expecting the index to find resistance at 10,710 level while downside support comes at 10,470 level.
Bank nifty Outlook
Bank Nifty Index opened at 25,818.10 and went up to an intraday high of 25,824.40 closing the day at 25,737.50 with a gain of 139.50 points or 0.54 percent.
On a daily chart, Bank Nifty is forming Rounding Bottom pattern and about to give a breakout which indicates an upside move in the Index.
A daily momentum indicator RSI reading is at 55.17 level and trading above oversold zone with a positive crossover.
Going forward, during the day we expect the index to find resistance at 26,000 level, whereas support is likely to be placed at 25,500 level.
Trends on SGX Nifty indicate a positive opening for the broader index in India. SGX Nifty were trading around 10,594 level on the Singaporean Exchange.
Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody's Investors Service said Thursday.
In its report titled ‘Global Macro Outlook 2019-20', Moody's said the economy grew 7.9 per cent in the first half (January-June) of 2018, which reflects post demonetisation base effect. The Reserve Bank of India (RBI) may set-up an ombudsman for digital payments by March to reduce the burden on banking ombudsman because of a rising number of complaints.
The ongoing crisis of confidence in non-banking financial companies (NBFCs) may prove to be a drag on economic growth, as balance sheet constraints and higher funding costs may prompt these shadow banks to slowdown lending, warns a report.
The Cabinet Committee on Economic Affairs (CCEA) on November 8 approved divestment of its entire 73.44 percent stake in Dredging Corporation of India to a consortium of four ports.