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Published on 11/01/2018 9:55:32 AM | Source: Choice Broking Pvt Ltd

The Bank Nifty opened on a flat note and traded in a narrow range - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* The index opened on a flat note and traded volatile in a narrow range to close flat for the day ending at 10632 level.

* On an hourly chart, the Bank Nifty bounced back after taking a support of its 20 hours exponential moving average which suggests positivity in the index.

* The Nifty has been trading in a higher top higher bottom formation since many days, which indicates bullish sentiments in the index.

* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 10700 while downside support comes at 10560.

Bank Nifty Outlook

* The Bank Nifty opened on a flat note and traded in a narrow range and ended with a loss of 86 points at 25617 level.

* On an hourly chart, the Bank Nifty is trading with a support of its 50 days exponential moving average which suggests that further movement can be expected.

* On the daily chart, the Bank Nifty is trading in the rising channel pattern and either side movement can define the direction of the index.

* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 25900 while downside support comes at 25400.

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