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Published on 6/12/2018 9:31:27 AM | Source: Choice Broking Pvt Ltd

We expect the index to find resistance at 26,700 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty

* Nifty closed the day on negative note on Wednesday, closing the day at 10,784.95 with a loss of 84.55 points or 0.74 percent.

* On a daily chart, Nifty has given a close above 10768 level which is 38.2% retracement level of its previous move from 10489 level to 10941.20 level.

* A daily momentum indicator RSI reading is at 56.12 level with a negative crossover which suggest a bull run in the Index.

* With the ongoing structure, we are expecting the index to find resistance at 10,860 level while downside support comes at 10,700 level.

Bank Nifty

* Bank Nifty Index opened at 26,572.10 and went down to an intraday low of 26,443.65 closing the day at 26,534.55 with a loss of 159.25 points or 0.58 percent.

* On a daily chart, Bank Nifty has given a breakdown of its upward sloping trendline which indicates that the Index may go down in coming trading sessions.

* A daily momentum indicator RSI reading is at 57.66 level with a negative crossover which indicates a bear run in the index.

* Going forward, during the day we expect the index to find resistance at 26,700 level, whereas support is likely to be placed at 26,365 level.

 

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