Nifty Ends Week On A Bullish Note, Strong Support At 34 SMA


Nifty closed on a bullish note at 10821 today. The index recovered 125 points from its support at 34 DMA (10705 approx). The market displayed ample signs of strength throughout the day’s trade and traded above it's 5 EMA high (10836 approx). In the week ahead Nifty might trade in a range with a bullish bias as it is also the expiry week for the index. 

Stocks Under The Scanner
In the pharma sector, Sun Pharma shares rose 4.43%, while Bajaj Finance from the NBFC space was up 3.75%. In the oil and gas sector, Hind Petro shares were down 2.09%.

The Outlook for 25th June 2018
Daily Chart Levels
In the daily timeframe, Nifty share price closed around its 5 EMA high (10821 approx). The index will face its next resistance around its upper Bollinger band (10894 approx). Nifty will find its nearest support around its 10 DMA ( 10795 approx). If the index breaks and trades below its 15 DMA (10760 approx) it will find its next support at its 34 DMA ( 10705 approx).



Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its upper Bollinger band  (10822 approx). The index will find its support around the 5 HMA (10785 approx). If Nifty breaks and trades below its 34 HMA (10755 approx) it will find its next support area around its 200 HMA( 10694 approx).


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India’s benchmark index Nifty closed on a bullish note at 10821 today. The index recovered 125 points from its support at 34 DMA (10705 approx). The market displayed ample signs of strength throughout the day’s trade and traded above it's 5 EMA high (10836 approx). In the week ahead Nifty might trade in a range with a bullish bias as it is also the expiry week for the index. 

Stocks Under The Scanner
In the pharma sector, Sun Pharma shares rose 4.43%, while Bajaj Finance from the NBFC space was up 3.75%. In the oil and gas sector, Hind Petro shares were down 2.09%.

The Outlook for 25th June 2018
Daily Chart Levels
In the daily timeframe, Nifty share price closed around its 5 EMA high (10821 approx). The index will face its next resistance around its upper Bollinger band (10894 approx). Nifty will find its nearest support around its 10 DMA ( 10795 approx). If the index breaks and trades below its 15 DMA (10760 approx) it will find its next support at its 34 DMA ( 10705 approx).



Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its upper Bollinger band  (10822 approx). The index will find its support around the 5 HMA (10785 approx). If Nifty breaks and trades below its 34 HMA (10755 approx) it will find its next support area around its 200 HMA( 10694 approx).


 
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