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Published on 25/06/2019 9:42:04 AM | Source: Choice Broking Pvt Ltd

We are expecting a support comes at 30,230 levels - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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NiftyOutlook

* Nifty after opening flat at 11,725.80 the Index made high of 11,754, but erased all gains in initial hour itself and made day's low of 11,670.20. The index remained volatile for a major part of the session and closed 24.40 points lower at 11,699.70.

* On a daily chart, the Index has continuously sustained above its 50 Days Simple Moving Average which indicates upside movement in the index.

* On an hourly chart, the stock has been trading with a strong Horizontal Trend line support which is placed at 11657 level which shows a bounce back movement in the Index.

* A momentum indicator RSI and MACD both have shown negative crossover on the hourly chart which adds more bearishness to the price.

*  Based on the above technical structure, we are expecting a support comes at 11,600 levels while upside resistance comes at 11,770.

 

Bank Nifty Outlook

* Bank Nifty failed to surpass its previous day's high but consolidated in a narrow range of 200 points for most of the session. The index closed at 30,602.05, down 26.30 points and formed a small bearish candle on the daily scale but managed to hold above 30,500.

* On a daily chart, the Index has continuously sustained above its 50 Days Simple Moving Average which indicates upside movement in the index.

*  On an hourly chart, the Index is trading above its upper band of Falling Wedge Formation, which shows positive trend in the BankNifty Index.

* A daily momentum indicator RSI reading is at 48.01 level with negative crossover apart from this, RSI has formed Falling wedge formation & price has traded below its lower band of formation, which indicates further downside in the counter.

* Based on the above technical structure, we are expecting a support comes at 30,230 levels while upside resistance comes at 30,820.

 

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