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Published on 11/01/2019 9:15:02 AM | Source: Choice Broking Pvt Ltd

We expect the index to find resistance at 28,830 level - Choice Broking

Posted in Market Outlook| #Market Outlook #Choice Broking

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Nifty Outlook

*  Nifty closed the day on negative note on Thursday, settled at 10,821.60 with a loss of 33.55 points or 0.31 percent.

*  Nifty saw consolidation throughout the session gradually drifting lower and hit a day’s low of 10801.80, pointing out the sideways movement in the Index.

*  Moreover, MACD indicator is trading above its average line which points out for a positive movement in the Index.

*  With the ongoing structure, we are expecting the index to find resistance at 10,960 level while downside support comes at 10,750 leve.

 

Bank Nifty Outlook

*  Bank Nifty Index opened at 27,713.55 and went down to an intraday low of 27,488.20 and ended the session at 27,528.55, with a loss of 191.85 points or 0.69 percent.

*  On a daily chart, Bank Nifty has formed “Hanging Man” candlestick, which suggest bulls may loose strength for the time being.

*  Furthermore, MACD indicator is trading above its baseline line with a positive crossover which points out for a positive movement in the Index.

*  Going forward, during the day we expect the index to find resistance at 28,830 level, whereas support is likely to be placed at 27,300 level.

 

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