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Published on 16/08/2019 9:56:00 AM | Source: Choice Broking Pvt Ltd

BankNifty may face an intraday resistance at 28,180 while downside support comes at 27,850 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* The Nifty opened higher at 11,029.40 and remained in uptrend throughout session volatility has been seen. The index hit an intraday high of 11,078.15 and closed 103.50 points higher at 11,029.40.

* On a weekly chart, the Index has been trading with support of its 100 Weeks Moving Average which show positivity in the Index.

* On an hourly chart, the Index has trading below its 21 & 50 Hours Moving Averages which show downside movement in the Index.

* A daily momentum indicator RSI and MACD both how 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 11,090 while downside support comes at 10,090 level.

 

Bank Nifty Outlook

* The index opened on a positive note at 28356.80 and made a intraday high at 2358.85 but failed to hold that level and fall one side through out the session.

* On a daily chart, the Index has formed small bullish candle with above average volume activity which show positivity in the Index.

* On an hourly chart, the Index is bouncing back after taking a strong support of around 27996 level which is 50.00% retracement level of its previous move from 27389.50 level to 28602.75 level which suggests a positive move in the counter.

* Moreover, the Index has trading below its 21 Hours Moving Average which shows weakness in the Index.

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 28,180 while downside support comes at 27,850 level.

 

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