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Published on 19/08/2019 9:22:12 AM | Source: Choice Broking Pvt Ltd

Nifty may face strong resistance 11,120 while downside support comes at 10,9850 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 taken a support of its lower band of Upper Rising Channel formation which suggests an upside movement towardsits upper band of the formation.

* On a daily chart, the Nifty 50 completed its bullish Harmonic Pattern which point bounced back movement in the Index from the 10780.00 level.

* A daily momentum indicator RSI reading is at 42.20 level with a positive crossover which points out for a positive breath in the stock.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11,120 while downside support comes at 10,9850 level.

 

Bank Nifty

* The benchmark BankNifty Index ended with positive note on Friday , closing day at 28270.00 the day with a net gain of 275.70 points (0.98%).

* On a weekly chart, the Index has closed above its 50 Weeks Simple Moving Average which indicates bounced back movement in the Index.

* On a daily chart, the Index has formed hammer candle with support of its upward rising trend line which show positive movement in the Index.

* A momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 28,490 while downside support comes at 27,750 level.

 

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