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Published on 20/09/2019 9:37:53 AM | Source: Choice Broking Pvt Ltd

The BankNifty has good support at 26560 level which resistance comes at 27050 level. - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

*  On a daily chart, the Index has fallen for third consecutive day with accentuated volume activity across all the large cap counters and finally settled at 10704.80 level.

*  Since last three days, the Nifty has been trading below its 21 Days Moving Average which shows a negative trend for the time being.

*  Moreover, on a weekly chart, the Index has already given a breakdown of its Rising Channel formation which again indicates a southward movement.

*  A daily momentum indicator RSI reading is at 37.85 level with a negative crossover which points out for a negative breath in the counter.

*  Based on the above technical structure, we are expecting a downside movement in the index, downside support comes at 10600 level while resistance comes at 10800 level.

 

Bank Nifty Outlook

*  Since last three days, the BankNifty index has been trading below its 21 Days Moving Average which suggests a bearish sentiment in the Index.

*  Moreover, the BankNifty has formed a Long Bearish Candlestick with above average volume which indicates a further downside would be there.

*  However, the Index has good support zone at 26560 level from a bounce back can be expected in the Index.

*  A daily momentum indicator RSI reading is at 38.11 level with a negative crossover which points out for a negative breath in the Index.

*  Based on the above technical structure, the BankNifty has good support at 26560 level which resistance comes at 27050 level.

 

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