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Published on 10/01/2018 9:57:26 AM | Source: Choice Broking Pvt Ltd

The Nifty has been trading in a higher top higher bottom formation - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* The index opened on a positive note and thereafter traded in a narrow range to close flat for the day, forming a "Spinning Top" candlestick pattern which is a neutral formation.

* On an hourly chart, the Nifty has been trading with a positive crossover of 21*50 hourly moving averages which shows positive momentum 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 10710 while downside support comes at 10570.

Bank Nifty Outlook

* The Bank Nifty opened flat and thereafter traded in a narrow range and ended with a minor gain of 27 points at 25703 level.

* On an hourly chart, the Bank Nifty has retested its downward sloping trend line which suggests a bounce back move in the index.

* On the daily chart, the Bank Nifty is trading above its 20 as well as 50 days exponential averages which suggests that the short term trend is up.

* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 26100 while downside support comes at 25450.

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