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Published on 13/08/2019 9:49:39 AM | Source: Choice Broking Pvt Ltd

Bank Nifty opened positive and managed to hold above the 28,250 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* The Nifty50 opened higher at 11,087.90 and extended its rally to hit an intraday high of 11,181.45 in second trading session. The index still managed to close above the 11,100 level and formed a small bullish candle on the daily charts and closed 77.20 points higher at 11,109.70.

* On a weekly chart, the Index has taken a good support at 10815 level which is a 61.80% Fibonacci retracement level of its previous up move from 10020.35 to 12103 level which even suggests a rebound movement in the Index.

* Moreover, the Index has closed above its 100 Weeks Moving Average which show upside movement in the Index.

* A daily momentum indicator RSI reading is at 42.27 level with a positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11,200 while downside support comes at 11,065 level.

 

Bank Nifty

* Bank Nifty opened positive and managed to hold above the 28,250 zone and closed 321.45 points higher at 28,431.90.The index formed a bullish candle on the daily as well as weekly chart.

* On a weekly chart, the Index has been trading with support of its upward rising trend line which show bounced back movement in the Index.

* On a daily chart, the Index has given breakout of its previous high level which is placed at 28207 which show bullish movement in the Index.

* A daily momentum indicator RSI reading is at 39.73 level with a positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 28,600 while downside support comes at 28,175 level.

 

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