Nifty Recovers 79 Points, Ends Two-Day Losing Streak


Nifty recovered sharply from its previous day low of 10701. The index opened at 10737 this morning and went on to make a high of 10781 towards the end of the day’s trade. Asian markets seem to have discounted the US-China trade war for the time being. In other news, the North Korean President met his Chinese counterpart XI Jinping which is certainly a big positive for Asian business sentiments. The Dollar index, on the other hand, is trading above its three-week high at 95.15. The Indian Rupee to is trading near its 4-week high at 68.095.

Stocks Under The Scanner
In the oil and gas sector, Reliance share price was up 2.32%, while IndusInd Bank in the banking space was up 2.20%. In the chemical sector, UPL shares were down 3.28%.

The Outlook for 21st June 2018
Daily Chart Levels
Nifty closed above it 15 DMA (10772 approx) towards the end of the day’s trade. The index will face immediate resistance around its 10 DMA (10795 approx). If Nifty breaks and trades below its 20 DMA ( 10715 approx) it will find its next support around its 50 DMA  ( 10660 approx).


Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 34 HMA  (10776 approx). The index is likely to face its next resistance around 50 HMA (10797 approx). Nifty will find its next support around its 15 HMA (10740 approx). 




The Outlook For 21st June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty closed around its 5 HEMA high ( 26557 approx ). The Banking index is likely to find its next support around its 15 DMA (26500 approx). In tomorrows trade, if Bank Nifty breaks and trades below 26500, it will find its nearest support around its 20 DMA high ( 26444 approx). However, if the index breaks and trades below 26400 the next support area will be around its 34 DMA (26278 approx). 

Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty closed marginally below its Upper Bollinger band ( 26557 approx ). The nearest support for the index is around its 5 HMA ( 26510 approx). However, if Bank Nifty breaks and trades below its 50 HMA( 26490 approx), it will find its next support around its 100 HMA (26455 approx).  
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India’s benchmark Nifty recovered sharply from its previous day low of 10701. The index opened at 10737 this morning and went on to make a high of 10781 towards the end of the day’s trade. Asian markets seem to have discounted the US-China trade war for the time being. In other news, the North Korean President met his Chinese counterpart XI Jinping which is certainly a big positive for Asian business sentiments. The Dollar index, on the other hand, is trading above its three-week high at 95.15. The Indian Rupee to is trading near its 4-week high at 68.095.

Stocks Under The Scanner
In the oil and gas sector, Reliance share price was up 2.32%, while IndusInd Bank in the banking space was up 2.20%. In the chemical sector, UPL shares were down 3.28%.

The Outlook for 21st June 2018
Daily Chart Levels
Nifty closed above it 15 DMA (10772 approx) towards the end of the day’s trade. The index will face immediate resistance around its 10 DMA (10795 approx). If Nifty breaks and trades below its 20 DMA ( 10715 approx) it will find its next support around its 50 DMA  ( 10660 approx).


Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 34 HMA  (10776 approx). The index is likely to face its next resistance around 50 HMA (10797 approx). Nifty will find its next support around its 15 HMA (10740 approx). 




The Outlook For 21st June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty closed around its 5 HEMA high ( 26557 approx ). The Banking index is likely to find its next support around its 15 DMA (26500 approx). In tomorrows trade, if Bank Nifty breaks and trades below 26500, it will find its nearest support around its 20 DMA high ( 26444 approx). However, if the index breaks and trades below 26400 the next support area will be around its 34 DMA (26278 approx). 

Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty closed marginally below its Upper Bollinger band ( 26557 approx ). The nearest support for the index is around its 5 HMA ( 26510 approx). However, if Bank Nifty breaks and trades below its 50 HMA( 26490 approx), it will find its next support around its 100 HMA (26455 approx).  
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