Nifty Closes Week Above 10650, Resistance Zone Neutralized




The Outlook for 19th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty successfully neutralized the zone of resistance around 10650 approx. The index has closed at 10682 approx and is likely to trigger fresh buying next week. Going forward, Nifty will find the nearest support around the 5 DEMA high (10620 approx). The closest upside target for the index is around the 200 DMA (10750 approx). However, if Nifty trades below the 5 DMA (10595 approx), it will find support around the 10 DMA (10555 approx). On the other hand, if the index breaks and trades below 10540 approx, it will scale down to the 15 DMA (10445 approx). 

What If Nifty Opens Gap Down
In an extreme situation, if the market opens 50 or 100 points gap down on Monday around 10632 or 10582, traders can use the support zones of 5 DEMA high (10620 approx) and 10 DMA (10555 approx) to initiate long positions in Nifty as the RR ratio around these zones are positively inclined for long trade set-ups.

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the 5 HEMA high (10682 approx). The index is likely to find support around the hourly mid-Bollinger band (10610 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (10710 approx). However, if Nifty trades below the 34 HMA (10580 approx), it will find support around the 50 HMA (10560 approx). On the other hand if Nifty trades below the hourly lower – Bollinger band (10520 approx), it is likely to scale down to the 100 HMA (10472 approx).  





Bank Nifty Options Data

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India’s benchmark Nifty closed at 10682 today and successfully neutralized the zone of resistance around 10650. The index took the support of the hourly mid-Bollinger band (10625 approx) in today’s session and briefly tested the upside breakout zone of 10690 approx. Going forward, Nifty is likely to take support around the 5 DEMA high (10620 approx). The nearest upside target for the index is around the 200 DMA (10750 approx).

Stocks Under The Scanner
In today’s trade Bharti Airtel shares rose 9.10%, Eicher Motor shares rose 3.55%. Yesbank shares dropped 6.49 % in the course of the day’s trade.



The Outlook for 19th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty successfully neutralized the zone of resistance around 10650 approx. The index has closed at 10682 approx and is likely to trigger fresh buying next week. Going forward, Nifty will find the nearest support around the 5 DEMA high (10620 approx). The closest upside target for the index is around the 200 DMA (10750 approx). However, if Nifty trades below the 5 DMA (10595 approx), it will find support around the 10 DMA (10555 approx). On the other hand, if the index breaks and trades below 10540 approx, it will scale down to the 15 DMA (10445 approx). 

What If Nifty Opens Gap Down
In an extreme situation, if the market opens 50 or 100 points gap down on Monday around 10632 or 10582, traders can use the support zones of 5 DEMA high (10620 approx) and 10 DMA (10555 approx) to initiate long positions in Nifty as the RR ratio around these zones are positively inclined for long trade set-ups.

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the 5 HEMA high (10682 approx). The index is likely to find support around the hourly mid-Bollinger band (10610 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (10710 approx). However, if Nifty trades below the 34 HMA (10580 approx), it will find support around the 50 HMA (10560 approx). On the other hand if Nifty trades below the hourly lower – Bollinger band (10520 approx), it is likely to scale down to the 100 HMA (10472 approx).  





Bank Nifty Options Data

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