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Published on 12/06/2019 9:39:35 AM | Source: Choice Broking Pvt Ltd

We are expecting a strong support comes at 30,800 level while upside resistance comes at 31,550 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

* The index opened at 11,959 and made intraday high of 12000.35.But,its unable to sustain at higher level and fall down made intraday low at 11904 level. The Index closed 42 points higher at 11,965.

* On a daily chart, the Index has been forming Dojis candle kind of formation with higher highs, higher lows that suggest downside movement in the Index.

* A daily momentum indicator RSI reading is at 59.09 level with a which consider positive crossover which points out for a positive breath in the Index.

* A daily ADX indicator indicates strength in trend as it is trading above 25 marks along with a positive crossover of ADX Plus and ADX Minus.

* Based on the above technical structure, we are expecting a support comes at 11,850 levels while upside resistance comes at 12050.00.

 

Bank Nifty Outlook

* The benchmark BankNifty Index ended with positive note on Tuesday, closing day at 31245.35 the day with a net gain of 200.65 points (0.65%).

* On a daily chart, the Index has giving breakout of its falling trend line with above average volume activity which indicate up side movement in the Index.

* On a hourly chart , the Index is taking support of its 21 Days Moving Average which is placed at 31023 indicates bullishness in the Index.

* A daily momentum indicator RSI reading is at 58.41 level with a positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting a strong support comes at 30,800 level while upside resistance comes at 31,550.

 


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