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Published on 20/05/2019 9:38:28 AM | Source: Choice Broking Pvt Ltd

Benchmark Index Nifty 50 opened flat at 11261.90 but gradually its rose up - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* Benchmark Index Nifty 50 opened flat at 11261.90 but gradually its rose up and made surged at days high at 11426.15 and finally settled with positive note at 11407.15 level with 150.05 points or 1.33%.

* On a daily chart, the Index has given breakout of its consolidation phase its was trading from last 4 days and Index just started to trade above its 50 DEMV which show positive strength in the Index.

* Furthermore, the volume activity is gradually picking up with the rise in price which indicates a positive rhythm which can be seen in the near term.

* A momentum indicator RSI reading is at 48.29 level with a positive crossover on an daily chart which point out positive breath in the Index.

* Based on the above technical structure, we are expecting a strong support comes at 11,555 levels while upside resistance comes at 11,770.

 

Bank Nifty Outlook

* The Index sharply opened at 2888.40, and made intraday high at 29559.45 the Index continuously traded in up tread for rest of the weekly settlement day. The Index made big long candle & It closed with green note at 29521.15 level

* On a daily chart, the stock has given a breakout of its consolidation phase with increase in volume activity which indicates an upside movement in the Index.

* Moreover, the Index price has pulled back from lower Bollinger band with support of Falling Trend Line which indicates bullish sentiments in the Index.

* A hourly momentum indicator RSI reading is at 74.9 level with positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting a strong support comes at 29,000 level while upside resistance comes at 30,125.

 


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