Nifty Breaks 6 Months Low, Hits 10100




The Outlook for 24th October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty crashed below the 6-month low of 10100 and closed 100 points below the previous close of 10245 approx. In tomorrow’s trading, 10220 will act as a crucial trend deciding zone. Going forward, Nifty is likely to face stiff resistance around the 10230 approx, however, if Nifty trades above 10257, it will scale up to 5 DMA (10332 approx). On the other hand, if the index slips below 10085 approx, it will scale down to the lower Bollinger band (9990 approx)

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 10145 approx. The index is likely to find the first zone of resistance around the 10 HMA (10195 approx). However, if Nifty trades above 10220 it will again find strong resistance around the hourly mid-Bollinger band ( 10260 approx). On the other hand, if Nifty trades below 10085 approx, it will scale down to the 9990 approx.





Nifty Large & Mid Cap Stocks



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Relentless selling was witnessed in today’s session as Nifty broke below the 6 months low and hit 10100. The benchmark index opened almost 90 points gap down at 10158 approx and was hammered at every rise of 50-70 points. The index faced major selling pressure around 10194 and closed at 10145 approx. Today’s closing stamps the presence of sellers in the market as the index has stopped almost 100 points below yesterday’s close. 10220 will act as a decisive zone tomorrow morning. The market trend for tomorrow is likely to be decided by Nifty’s position above or below 10220 in the early hours of trading.

Stocks Under The Scanner
In today’s trade Hindustan Petroleum shares rose 4.30%, while Indiabulls Housing Finance shares rose 3.62%. Sunpharma shares dropped  4.95% in the course of the day’s trade.



The Outlook for 24th October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty crashed below the 6-month low of 10100 and closed 100 points below the previous close of 10245 approx. In tomorrow’s trading, 10220 will act as a crucial trend deciding zone. Going forward, Nifty is likely to face stiff resistance around the 10230 approx, however, if Nifty trades above 10257, it will scale up to 5 DMA (10332 approx). On the other hand, if the index slips below 10085 approx, it will scale down to the lower Bollinger band (9990 approx)

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 10145 approx. The index is likely to find the first zone of resistance around the 10 HMA (10195 approx). However, if Nifty trades above 10220 it will again find strong resistance around the hourly mid-Bollinger band ( 10260 approx). On the other hand, if Nifty trades below 10085 approx, it will scale down to the 9990 approx.





Nifty Large & Mid Cap Stocks



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