Published on 12/10/2017 9:35:30 AM | Source: Choice Broking

We are expecting a higher side resistance level at 10060 - Choice Broking

Posted in Market Outlook | #Market Outlook #Choice Broking


Nifty Outlook

 

*  The Nifty index trimmed all the gains of the morning session and close below the 10000 mark, settled at 9984.80 with loosing of 32.15 points.

*  On an hourly chart, the index has given a gap up opening but failed to accelerate the positive momentum and moved in a southward direction.

* However, the index has tested a support of its 50 hours exponential moving average and just closed above the 23.6% Fibonacci Retracement level, placed at 9977.64.

* A MACD indicator is showing a negative crossover on an hourly chart which points out for a negative breath in the index.

* Based on the above technical parameters, we are expecting a higher side resistance level at 10060 while downside support comes at 9940 level.

 

 

Bank Nifty Outlook

 

* The market breadth was negative at end of the session, the BankNifty closed at 24107.45 with loosing of 240 points.

*  On a daily chart, the index has formed the Bearish Engulfing candlestick pattern which is a bearish reversal sign.

* Moreover, the index has breached below its 20 & 50 days exponential moving average which suggests a weakness in the counter and may continue its downward move.

* The MACD indicator is showing a negative crossover on an hourly chart which points out for a negative breath in the index.

* Based on the above technical parameters, we are expecting a higher side resistance level at 24480 while downside support comes at 24000 level.

 

 

 

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