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Published on 7/12/2018 9:26:47 AM | Source: Choice Broking Pvt Ltd

We expect the index to find resistance at 26,460 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty

* Nifty closed the day on negative note on Thursday, closing the day at 10,601.15 with a loss of 181.75 points or 1.69 percent.

* On a daily chart, Nifty gave a closing below 61.8% retracement level of its previous move from 10489 level to 10941.20 level which shows further downside movement can be seen in the Index.

* A daily momentum indicator RSI reading is at 46.72 level with a negative crossover which suggest a bear run in the Index.

* With the ongoing structure, we are expecting the index to find resistance at 10,750 level while downside support comes at 10,580 level.

Bank Nifty

* Bank Nifty Index opened at 26,339.10 and went down to an intraday low of 26,149.45 closing the day at 26,198.30 with a loss of 321.30 points or 1.21 percent.

* On a daily chart, Bank Nifty has started to trade below its 21 Daily Exponential Moving Average which indicates a downside move in the Index.

* A daily momentum indicator RSI reading is at 50.85 level with a negative crossover which indicates a bear run in the index.

* Going forward, during the day we expect the index to find resistance at 26,460 level, whereas support is likely to be placed at 25,960 level.

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