IGI Logo

Nifty Outlook

* The benchmark index opened positively and continued the upside move throughout the day, settled at 14653.05 levels with a gain of 168 points. Heavy weight Reliance Industries gained more than 2.5% in a day which supported the index gains.

* Allthe sectoral indices closed at green note with the average gain of 1.2% where Nifty Metal & Cap Goods were the leader for the day. Stocks like HINDALCO, LT, TATASTEEL, DIVISLAB were the top gainer while HDFCLIFE, SBILIFE, KOTAKBANK were the top loser for the day.

* On the technical front, the nifty index has settled above Middle Bollinger Band formation and 100 days Exponential Moving Average, which suggests bullish movementin the counter.

* Moreover, the RSI (14) and stochastic have also indicated positive crossover, which shows bullish strength for the near term.

* At present, the Nifty is holding support at 14450 levels while an upside resistance seems at 14860 levels.

Bank Nifty

* Ona daily chart, bank nifty opened on green note and managed to closed at 32735.35 with a gain of460 points.

* Moreover, the index has given closing above 21&50 hourly moving averages, which suggests strength in the index. 

* Onadaily chart, Index has formed Bullish Engulfing Candlestick in the counter which suggest upside movemnt in the counter

* At Present in the Index has support comes at 31500 level while resistance comes at 33200 level

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://choicebroking.in/disclaimer

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer