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Published on 23/09/2019 10:16:27 AM | Source: Choice Broking Pvt Ltd

We are expecting that the Nifty may face strong resistance 11,530 while downside support comes at 11,300 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

Nifty Outlook

* After consolidating early on and hitting the day's low of 10,691 and the Nifty 50 rebounded gradually and gained solid strength to hit the day's high of 11,381.90. The index closed 569.40 points or 5.32 percent higher at 11,274.20

* On an weekly chart, the has closed above its 21 and 50 days Simple Moving Averages which show the strong strength in the index.

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

* On a hourly chart, the Index has given breakout of its upper band of falling wedge formation which indicate upside movement in the index.

* A daily momentum indicator RSI reading is at 58.56 level with a positive crossover which point out positive breath in the Index.

* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11,530 while downside support comes at 11,300 level.

 

 

Bank Nifty Outlook

* Bank Nifty opened positive and witnessed sustained buying interest throughout the session. The index rallied 2,223.90 points to close at 28,981.55

* On a weekly chart, the Index has taken support of its Rising trend Line with above average volume activity which point out positivity in the Index.

* Moreover, the Index has been trading above its 21 Simple Moving Average which show positive movement in the Index.

* On a daily chart index has been formed big bullish candle with strong support of its previous support level which show up side movement in the Index.

* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 29,600 while downside support comes at 28,609 level.

 

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