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Published on 17/09/2019 9:36:31 AM | Source: Choice Broking Pvt Ltd

We are expecting that the Nifty may face strong resistance 11,055 - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* After opening flat at 10,986.80, the Nifty remained volatile to hit the day's low of 10,945.75. But it gained strength in second session intraday high of 11,084.45. The index closed 93.10 points higher at 11,075.90 and for the week, it gained 1.18 percent.

* On an hourly chart, the Index has been trading in Symmetrical Triangle Formation along with support of its 100 Days Exponential Moving Average which suggests a positivity in the Index.

* On small time frame, the Index has been trading with high volatility along with high volume activity and formed doji kind of angle which show bullish movement for time being.

* A daily momentum indicator RSI reading is at 48.72 level with a positive crossover ,apart from this, RSI has been trading in Rising Wedge formation which point out positive breath in the Index.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11,055while downside support comes at 10,955 level.

 

Bank Nifty Outlook

* The Bank Nifty, too, bounced back from the lows and closed -0.87 percent higher at 27855.00 and give good move .

* Bank Nifty signed off the day with an indecisive formation called Doji, after moving highly volatile through out the session, suggesting that market is in for a consolidation phase.

* On a daily chart, the Index has been trading with strong support of its 50 Days Simple Moving Average which is placed at 27750 which show positive movement in the Index.

* A daily momentum indicator RSI reading is at 49.28 level with a strong support of its “Rising Trend Line” with 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 28,060 while downside support comes at 27,730 level.

 

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