Nifty Fails To Sustain Pullback Rally, Sell On Every Rise




The Outlook for 29th October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty failed to sustain the pull-back rally from the day’s low 10005 approx. The index has slipped more than 100 points in the last hour of trading and closed around 10030 approx. Going forward, Nifty is likely to witness selling on every rise till it closes above 10260 approx. The closest upside resistance is around the 5 DEMA high (1025 approx). However, if Nifty breaks below 10000, the nearest downside target is around 9900 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HMA (10030 approx). The index is likely to find resistance around the 5 HEMA high (10090 approx). However, if Nifty trades above the hourly mid- Bollinger band (10132 approx) it will scale up to the 50 HMA ( 10193 approx). On the other hand, if Nifty trades below the 10000 approx, it will scale down to the hourly lower-Bollinger band 9970 approx.





Nifty Large & Mid Cap Stocks




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India’s benchmark Nifty is likely to witness further selling next week as it failed to capitalize on the 120 points bounce-back today, from the crucial zone of 10030 approx. Sellers have re-entered the market around 10100 today after the option premiums dropped approximately 3%. The 5 DEMA high (10254 approx) will act as a strong resistance for the index, while the downside target is 9900 approx. Current option premiums are indicating that Nifty likely to be sold on every rise till it closes above 10260 approximately.

Stocks Under The Scanner
In today’s trade Upl shares rose 3.43%, while Titan shares rose 2.05%. YesBank shares dropped  8.65% in the course of the day’s trade.



The Outlook for 29th October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty failed to sustain the pull-back rally from the day’s low 10005 approx. The index has slipped more than 100 points in the last hour of trading and closed around 10030 approx. Going forward, Nifty is likely to witness selling on every rise till it closes above 10260 approx. The closest upside resistance is around the 5 DEMA high (1025 approx). However, if Nifty breaks below 10000, the nearest downside target is around 9900 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HMA (10030 approx). The index is likely to find resistance around the 5 HEMA high (10090 approx). However, if Nifty trades above the hourly mid- Bollinger band (10132 approx) it will scale up to the 50 HMA ( 10193 approx). On the other hand, if Nifty trades below the 10000 approx, it will scale down to the hourly lower-Bollinger band 9970 approx.





Nifty Large & Mid Cap Stocks




 
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