Nifty In A Consolidation Phase, Trend Formation Above 10840 And Below 10690


Nifty underwent a choppy session of trade today. The index opened at 10802 in the morning, thereafter slipped to levels of 10726 till the end of the days’ trade. The major uncertainty in the market is a direct impact of the trade tensions between the US and China. In today’s session, Nifty traded in a range of 82 points. While the market trend remains undecided, big moves in the market are likely to be triggered above 10840 or below 10690.

Stocks Under The Scanner
In the energy sector, IOC shares rose 4.02%, while BPCL share price was up 3.73%. In the auto sector, M&M shares were down 2.36%.

The Outlook for 22nd June 2018
Daily Chart Levels
In today's trade, Nifty closed around its 15 DMA (10741 approx). The index will face immediate resistance around its 10 DMA (10795 approx). If Nifty breaks and trades below its 34 DMA ( 10700 approx) it will find its next support around its 50 DMA  ( 10665 approx).


Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 20 HMA  (10741 approx). The index is likely to face its next resistance around 50 HMA (10780 approx). Nifty will find its next support around its 200 HMA (10689 approx). 


The Outlook For 22nd June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty closed around its 10 DMA high ( 26497 approx ). The Banking index is likely to find its next support around its 20 DMA (26469 approx). However Bank Nifty is likely to face its next resistance around its upper Bollinger band(26824 approx). 
Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty has taken the support of its 100 HMA  ( 26478 approx ). The banking index is likely to face its next resistance around its 15 HMA (26520 approx).

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Nifty underwent a choppy session of trade today. The index opened at 10802 in the morning, thereafter slipped to levels of 10726 till the end of the days’ trade. The major uncertainty in the market is a direct impact of the trade tensions between the US and China. In today’s session, Nifty traded in a range of 82 points. While the market trend remains undecided, big moves in the market are likely to be triggered above 10840 or below 10690.

Stocks Under The Scanner
In the energy sector, IOC shares rose 4.02%, while BPCL share price was up 3.73%. In the auto sector, M&M shares were down 2.36%.

The Outlook for 22nd June 2018
Daily Chart Levels
In today's trade, Nifty closed around its 15 DMA (10741 approx). The index will face immediate resistance around its 10 DMA (10795 approx). If Nifty breaks and trades below its 34 DMA ( 10700 approx) it will find its next support around its 50 DMA  ( 10665 approx).


Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 20 HMA  (10741 approx). The index is likely to face its next resistance around 50 HMA (10780 approx). Nifty will find its next support around its 200 HMA (10689 approx). 


The Outlook For 22nd June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty closed around its 10 DMA high ( 26497 approx ). The Banking index is likely to find its next support around its 20 DMA (26469 approx). However Bank Nifty is likely to face its next resistance around its upper Bollinger band(26824 approx). 
Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty has taken the support of its 100 HMA  ( 26478 approx ). The banking index is likely to face its next resistance around its 15 HMA (26520 approx).

 
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