Nifty Closes Marginally Above 10650, Possible Downside Shifts To 10550



 

The Outlook for 21st November 2018

Nifty Daily Chart Levels

In today’s trading, Nifty closed marginally above the crucial support zone of 10650 approx. The index has failed to trigger fresh buying momentum due to massive profit booking around yesterday’s high of 10775 approx. Today’s closing at 10650 is significantly important as the index is likely to form a trend tomorrow. Going forward, Nifty is likely to face stiff resistance around the 200 DMA (10760 approx). The nearest downside target for the index is around the 15 DMA (10540 approx). However, if Nifty trades above the hourly upper-Bollinger band (10782 approx), it will scale up to the daily upper Bollinger band (10840 approx). On the other hand, if Nifty slips below 10520 approx, it will scale down to the daily mid- Bollinger band ( 10430approx)

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed below the 34 HMA high (10656 approx ). The index is likely to face the nearest resistance around the 15 HMA (10720 approx). However, if the index trades above 10735 approx, it will scale up to the hourly upper Bollinger band (10752 approx). On the other hand, if Nifty trades below the 50 HMA (10610 approx), it will scale down to the 100 HMA (10550 approx).





Bank Nifty Options Data


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India’s benchmark Nifty has closed marginally above 10650 today. The index failed to withstand the pressure created due to profit booking around yesterday’s high of 10775 approx. Today’s closing at 10656 will play a crucial role in shaping up the market direction tomorrow. Going forward Nifty is likely to face strong resistance around the 200 DMA (10760 approx). The possible downside target has shifted to the 15 DMA (10540 approx).
 

Stocks Under The Scanner

In today’s trade Gail shares rose 2.79%, Adani Ports shares rose 1.41%. Yesbank shares dropped 6.01 % in the course of the day’s trade.


 

The Outlook for 21st November 2018

Nifty Daily Chart Levels

In today’s trading, Nifty closed marginally above the crucial support zone of 10650 approx. The index has failed to trigger fresh buying momentum due to massive profit booking around yesterday’s high of 10775 approx. Today’s closing at 10650 is significantly important as the index is likely to form a trend tomorrow. Going forward, Nifty is likely to face stiff resistance around the 200 DMA (10760 approx). The nearest downside target for the index is around the 15 DMA (10540 approx). However, if Nifty trades above the hourly upper-Bollinger band (10782 approx), it will scale up to the daily upper Bollinger band (10840 approx). On the other hand, if Nifty slips below 10520 approx, it will scale down to the daily mid- Bollinger band ( 10430approx)

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed below the 34 HMA high (10656 approx ). The index is likely to face the nearest resistance around the 15 HMA (10720 approx). However, if the index trades above 10735 approx, it will scale up to the hourly upper Bollinger band (10752 approx). On the other hand, if Nifty trades below the 50 HMA (10610 approx), it will scale down to the 100 HMA (10550 approx).





Bank Nifty Options Data


 
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