Nifty Climbs 114 Points Intraday, Buying Likely To Continue




The Outlook for 16th October 2018
Nifty Daily Chart Levels
In today’s trading, Nifty has climbed  114 points from the day’s low around the 5 DMA (10411 approx). Today’s session had the signature traits of buying on dips as the index dropped down to 10450 and made a high of 10525 in the last hour. Nifty has rallied almost 4% in the last 5 sessions, indicating a clear presence of buyers in the market. Going forward, the index is likely to find support around 10380 approx. The nearest upside target for the index is around the daily upper Bollinger-band (10580 approx). On the other hand, if Nifty slips below 10300 approx, it will scale down to 10250 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10513 approx). The index is likely to find strong support around the hourly mid-Bollinger band (10400 approx). The nearest upside target for the index is around the 100 HMA (10585 approx). However, if Nifty trades below the 34 HMA (10375 approx), it will scale down to the 50HMA (10340 approx).




Nifty Large & Mid Cap Stocks


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India’s benchmark Nifty closed above the 5DEMA high (10512 approx) for the first time in a week. The index has recovered almost 4% from its recent low of 10138. In today’s trading, Nifty took the support of the 5 DMA (10410 approx) and rallied 114 points to register a high around the 10 DMA (10525 approx).  The 10300 level will act as a crucial support as the index has witnessed consolidation around that area in the last 5 trading sessions. Going forward, Nifty is likely to climb till the daily upper- Bollinger band 10580 approx.

Stocks Under The Scanner
In today’s trade Dr.Reddy shares rose 4.76%, while Cipla shares rose 3.97%. Hindustan Petroleum shares dropped 2.84% in the course of the day’s trade.



The Outlook for 16th October 2018
Nifty Daily Chart Levels
In today’s trading, Nifty has climbed  114 points from the day’s low around the 5 DMA (10411 approx). Today’s session had the signature traits of buying on dips as the index dropped down to 10450 and made a high of 10525 in the last hour. Nifty has rallied almost 4% in the last 5 sessions, indicating a clear presence of buyers in the market. Going forward, the index is likely to find support around 10380 approx. The nearest upside target for the index is around the daily upper Bollinger-band (10580 approx). On the other hand, if Nifty slips below 10300 approx, it will scale down to 10250 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10513 approx). The index is likely to find strong support around the hourly mid-Bollinger band (10400 approx). The nearest upside target for the index is around the 100 HMA (10585 approx). However, if Nifty trades below the 34 HMA (10375 approx), it will scale down to the 50HMA (10340 approx).




Nifty Large & Mid Cap Stocks


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