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Published on 11/09/2019 9:33:41 AM | Source: Choice Broking Pvt Ltd

We are expecting that the Nifty may face strong resistance 11,040 - Choice

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* After opening lower at 10,936.70, and hit an intraday low of 10,889.80. The index rebounded and remained in uptrend in 2 nd trading session to hit day's high of 11,028.85. It closed 56.80 points higher at 11,003.

* On a daily chart, the Index has been formed bullish candle with above average volume activity which point out positivity in the Index.

* On an hourly chart, the Index is a giving a breakout of its upper band of Symmetrical triangle formation which is a bullish reversal formation which indicates an upside movement in the Index.

* A momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11,040 while downside support comes at 10,880 level.

 

 

Bank Nifty Outlook

* Bank Nifty managed to hold 27,000 levels and gradually extended its gains towards 27,550 levels. The index gained 0.94 percent to close at 27,504.65.

* On a daily chart, the Index has formed bullish candle with above average volume which show bullish movement in the Index.

* On an hourly chart, the Index has been trading above its 21 and 50 days Simple Moving Averages which show positivity in the Index.

* A daily momentum indicator RSI reading is at 45.27 level with a positive crossover which points out for a positive breath in the Index.

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 27,720 while downside support comes at 27,240 level.

 

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