Choice International Ltd
Published on 18/08/2017 10:01:55 AM
Bank Nifty Outlook
* The market breadth was narrow, the BankNifty closed at 24237.25 with losing 200.45 points.
* On a daily chart, the index has opened on a positive note but failed to sustain above its 20 days exponential moving average and moved towards south during the session.
* Moreover, the index has tested a support of 50% retracement level which halted the index to move further in a southward direction.
* However, the daily momentum indicators RSI & MACD are trending below their average lines which point out for a negative breath in the index.
* Based on the above technical parameters, we are expecting a downside movement in the Index up to the level of 23800, while upside resistance comes at 24500 level.
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