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Published on 14/03/2019 9:56:23 AM | Source: Choice Broking Pvt Ltd

The Bank Nifty Opened at 28480.30 and at same time made low 28353.65 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* During Yesterday treading session, Index opened above the previous day high at 11326.20, however during 2nd half of the trading session, the index traded in range bound movement B/W 11352.30 – 11276.60 and finally settled at 11341.70.

* On a daily chart, the Nifty50 Index has given a breakout of its ‘Rising wedge Pattern’ with high volume activity which confirm that the Index could accelerate its upward movement.

* A daily momentum indicator RSI reading is at 73.99 level with a positive crossover in an over bought zone which point out positive breath along with volatility in the index.

* With the ongoing structure, we are expecting the index to find resistance at 11,430 level while downside support comes at 11,250 level.

 

Bank Nifty Outlook

* During yesterday trading session, the session was highly bullish and, made Big Strong Bullish Candle the Bank Nifty Opened at 28480.30 and at same time made low 28353.65 after that Index continued to trade in up side and made intraday High at 28927.70

*  On a weekly chart, the Index has given breakout of its Horizontal Trend Line and has also given a breakout of its “Upper Band of Bollinger band” which indicate upside movement in Index.

* A daily momentum indicator RSI reading is at 73.16 level with a Positive crossover which points out for a positive breath in the Index.

* With the ongoing structure, we are expecting the index to find resistance at 29,410 level while downside support comes at 28,700 level.

 

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