Nifty Closes Week Above 10550, Buying Likely To Continue




The Outlook for 5th November 2018
Nifty Daily Chart Levels
In today’s trading, bulls took complete control of Nifty, and the index rallied to make a high of 10604 approx. A major build-up of long positions was witnessed around 10497 approx. Going forward, Nifty will find strong support around the 5 DEMA high ( 10412approx). The nearest upside target for the index is around the 34 DMA (10630 approx). However, if Nifty slips below the 5 DMA (10370 approx), it will find support around the 10 DMA (10221 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10553 approx). The index is likely to find support around the 200 HMA (10412 approx). The nearest upside target for Nifty is around the hourly upper Bollinger band (10603 approx). However, if the index trades below the 34 HMA (10350 approx), it will slip down to the 50 HMA (10250 approx). 






Nifty Large & Mid Cap Stocks



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India’s benchmark Nifty witnessed an aggressive session of buying today. A major buildup of long positions was triggered around 10497 as India Vix dropped below 18. Strong buying in 10600 and 10700 Nifty Call Options propelled the index towards the upper Bollinger band (10604 approx). The market is currently in a strong buy trend and is likely to scale up to the 34 DMA (10630 approx). Going forward, traders are likely to find buying opportunity around the 5DEMA high (10412 approx).  

Stocks Under The Scanner
In today’s trade Vedanta shares rose 6.67%, while Maruti shares rose 6.31%. Tech Mahindra shares dropped  3.98% in the course of the day’s trade.



The Outlook for 5th November 2018
Nifty Daily Chart Levels
In today’s trading, bulls took complete control of Nifty, and the index rallied to make a high of 10604 approx. A major build-up of long positions was witnessed around 10497 approx. Going forward, Nifty will find strong support around the 5 DEMA high ( 10412approx). The nearest upside target for the index is around the 34 DMA (10630 approx). However, if Nifty slips below the 5 DMA (10370 approx), it will find support around the 10 DMA (10221 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10553 approx). The index is likely to find support around the 200 HMA (10412 approx). The nearest upside target for Nifty is around the hourly upper Bollinger band (10603 approx). However, if the index trades below the 34 HMA (10350 approx), it will slip down to the 50 HMA (10250 approx). 






Nifty Large & Mid Cap Stocks



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