Nifty Runs Out Of Momentum After Testing 10600 Briefly




The Outlook for 17th October 2018
Nifty Daily Chart Levels
In today’s trading session,  Nifty opened 40 points gap up and went on to make a high of 10604 approx. The benchmark index has closed above the previous day’s high at 10584 approx. For the major part of today’s session, Nifty has consolidated between 10570 and 10596 approx while India Vix dropped below 18. Going forward, Nifty is likely to find strong support around the 5 DEMA high ( 10515 approx). The nearest upside target for the index is around the 15 DMA (10640 approx). However, if Nifty slips below the  10 DMA (10480 approx), it will drop down to the 5 DMA (10430 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10584 approx). The index is likely to find the support around the 10 HMA (10550 approx). The nearest upside target for Nifty is around 10640 approx.  However if Nifty breaks and trades below the 20 HMA (10500 approx), it will scale down to the 34 HMA (10450 approx).  





Nifty Large & Mid Cap Stocks






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Nifty registered a high of  10604 today after opening 40 points gap up in the morning. The benchmark index, however, failed to continue the buying momentum despite a significant drop in the India Vix which closed below 18.  Due to mixed sentiments in the Asian markets, China’s Shanghai Composite closed marginally below the previous day’s close at 2546 approx. While Japan’s Nikkei closed 278 points above the previous close around 22549 approx.  Nifty consolidated between 10596 and 10570 for the major part of the day and closed 70 points above the previous day’s close at 10584 approx. Going forward, Nifty is likely to face resistance around the  15 DMA (10640 approx).

Stocks Under The Scanner
In today’s trade M&M shares rose 4.01%, while Adani ports shares rose 4.00%. Indiabulls Housing Finance shares dropped 5.15% in the course of the day’s trade.



The Outlook for 17th October 2018
Nifty Daily Chart Levels
In today’s trading session,  Nifty opened 40 points gap up and went on to make a high of 10604 approx. The benchmark index has closed above the previous day’s high at 10584 approx. For the major part of today’s session, Nifty has consolidated between 10570 and 10596 approx while India Vix dropped below 18. Going forward, Nifty is likely to find strong support around the 5 DEMA high ( 10515 approx). The nearest upside target for the index is around the 15 DMA (10640 approx). However, if Nifty slips below the  10 DMA (10480 approx), it will drop down to the 5 DMA (10430 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HEMA high (10584 approx). The index is likely to find the support around the 10 HMA (10550 approx). The nearest upside target for Nifty is around 10640 approx.  However if Nifty breaks and trades below the 20 HMA (10500 approx), it will scale down to the 34 HMA (10450 approx).  





Nifty Large & Mid Cap Stocks






 
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