Published on 11/02/2019 10:05:37 AM | Source: Choice Broking

We expect the index to find resistance at 27,680 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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* Nifty Outlook

* Nifty witnessed a sharp fall on Friday, Nifty made a high of 10925.45 and settled at 10,943.60 with a loss of 125.80 point or 1.14 percent.

* On a daily scale, the Nifty has reversed its trend with a strong bearish candle closed below its major support of 10,985 after forming a Doji which indicates a reversal in the Nifty.

* A daily momentum indicator RSI reading is at 55.28 level with a negative crossover and trending downward which indicates bears may take charge in the Index.

* With the ongoing structure, we are expecting the index to find resistance at 10,990 level while downside support comes at 10,850 level.


* Bank Nifty Outlook

* Bank Nifty shown selling remained on Friday, Bank Nifty opened at 27,302.65 made low of 27,221.25 and ended the session at 27,294.40 with a loss of 92.75 points or 0.34 percent.

* Bank Nifty failed to surpass 27,500 zones and corrected towards 27,220 levels, It has negated formation of higher lows of the last four session and finding multiple hurdles between 27,500 and 27,750 zones from five weeks.

* A daily momentum indicator RSI reading is at 52.93 level and about to give a negative crossover which indicates southward move in the Index.

* Going forward, during the day we expect the index to find resistance at 27,680 level, whereas support is likely to be placed at 27,300 level.



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