Nifty Has Broken Crucial Support Of 10490, Avoid Long Positions




The Outlook for 13th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed a fall of 180 points from the crucial resistance zone of 10680 approx. The index has broken the important support zone of 10490 and has closed at 10482 approx. Going forward, traders must avoid all long positions, till Nifty closes above the 5 DEMA high (10631 approx). The index is likely to face resistance around the 5 DMA (10560 approx). The nearest downside target for the index is around the 10 DMA (10425 approx). However, if Nifty breaks and trades below the 20 DMA (10380 approx), it will scale down to the 15 DMA (10320 approx). In case, Nifty bounces back and trades above 10631 approx, it will climb till the daily upper-Bollinger band (10730 approx).  

Nifty Hourly Chart Levels
In the hourly session, Nifty closed near the hourly lower Bollinger band (10482 approx ). The index is likely to find stiff resistance around the 5 HEMA high (10555 approx). The nearest downside target for Nifty is around the 200 HMA (10360 approx). However, if the index trades below 10340 approx, it will slip down to 10245 approx. 





Bank Nifty Options Data


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India’s benchmark Nifty has broken the crucial support zone of 10490 today and has plunged 180 points intraday. The index is likely to open gap down tomorrow as India Vix has jumped 8.5% above the previous day's close. Traders must avoid all long positions till Nifty trades above the 5 DEMA high (10631 approx). Nifty is likely to face stiff resistance around the 5 DMA (10560 approx). The nearest downside target for the index is around the 10 DMA (10425 approx).

Stocks Under The Scanner
In today’s trade Titan shares rose 5.99%, while Tech Mahindra shares rose 2.37%. Hindustan Petroleum shares dropped 7.17% in the course of the day’s trade.



The Outlook for 13th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed a fall of 180 points from the crucial resistance zone of 10680 approx. The index has broken the important support zone of 10490 and has closed at 10482 approx. Going forward, traders must avoid all long positions, till Nifty closes above the 5 DEMA high (10631 approx). The index is likely to face resistance around the 5 DMA (10560 approx). The nearest downside target for the index is around the 10 DMA (10425 approx). However, if Nifty breaks and trades below the 20 DMA (10380 approx), it will scale down to the 15 DMA (10320 approx). In case, Nifty bounces back and trades above 10631 approx, it will climb till the daily upper-Bollinger band (10730 approx).  

Nifty Hourly Chart Levels
In the hourly session, Nifty closed near the hourly lower Bollinger band (10482 approx ). The index is likely to find stiff resistance around the 5 HEMA high (10555 approx). The nearest downside target for Nifty is around the 200 HMA (10360 approx). However, if the index trades below 10340 approx, it will slip down to 10245 approx. 





Bank Nifty Options Data


 
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