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Published on 13/07/2018 9:38:23 AM | Source: Choice Broking Pvt Ltd

The daily momentum indicator RSI(14) reading is at 68.32 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

*  Nifty closed the day on positive note on Thursday, closing the day at 11023.20 with a gain of 74.90 points or 0.68 percent.

*  On an Hourly chart, the Nifty opened with a Runaway Gap and extended the rally further which suggest strength in the index.

*  The daily momentum indicator RSI(14) reading is at 68.32 with a positive crossover which indicate a bullish move in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 11100 level while downside support comes at 10950 level.

Bank Nifty Outlook

*  The Bank Nifty index opened at 26,937.50 and went up to an intraday high of 27,164.80 closing the day at 27,026.55 with a gain of 210.35 points or 0.78 percent.

*  On a Daily chart, Bank Nifty has bounced back after taking support of its upward Rising trendline formation which indicates a bull run in Bank Nifty.

*  The daily momentum indicator RSI(14) reading is at 63.87 with a positive crossover which suggest bull run in the Index.

*  Going forward, during the day we expect the index to find resistance at 27500 level, whereas support is likely to be placed at 26900 level.

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