Nifty Scales Record High, As China Devalues Yuan, Resistance At 11092


Nifty opened 58 points gap up this morning at 11006.  The index went on to stage a fresh rally and registered a high of 11076 midway through the day’s trade. Today’s rally was backed by China’s decision to devalue the Yuan to stem the adverse impact of the US trade war on its economy. The Shanghai composite bounced back and ended at 2838, 2.16% above yesterday’s close. Nifty, however, did see partial profit booking towards the end of the day’s trade and is likely to face stiff resistance around the 11092 mark. 



The Outlook for 13th July 2018
Daily Chart Levels
In the daily trading timeframe, Nifty share price closed at 11023. The index will find its next resistance around its weekly upper Bollinger band (11092 approx). However, the nearest support for the index stands around its 5 DMA high( 10956 approx). If Nifty breaks and trades below its 5 DMA( 10905 approx), it will find its next support at its 10 DMA (10813 approx)



Hourly Chart Levels
In the hourly trading charts, the Nifty share price has closed near its 10 HMA high (11023 approx ). The index will find its next resistance around its upper Bollinger band (11078 approx). However if Nifty breaks and trades below its 15 HMA(10995 approx) it will find its next support around its 20 HMA( 10980 approx).





The Outlook For 13th July 2018
Bank Nifty Daily Chart Levels
In the daily trading timeframe, Bank Nifty share price closed at 27027 approx. The index will find its nearest support around its upper Bollinger band (26965 approx). However, if Bank Nifty trades and closes below it is 5 DEMA high (26915 approx), it will find its next support at its 5 DMA( 26795 approx). The nearest resistance for Bank Nifty stands at its weekly  upper Bollinger band ( 27553 approx)



Bank Nifty Hourly Chart Levels
In the hourly charts, Bank Nifty share price closed around its 10 HMA( 27026 approx). The index will find its next resistance around its 5 HEMA high ( 27075 approx). However if the index breaks and trades below its  20 HMA (26944 approx), it will find its nearest support zone around its 34 HMA( 26858 approx).





Large Cap & Mid Cap Gainers


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India’s benchmark Nifty opened 58 points gap up this morning at 11006.  The index went on to stage a fresh rally and registered a high of 11076 midway through the day’s trade. Today’s rally was backed by China’s decision to devalue the Yuan to stem the adverse impact of the US trade war on its economy. The Shanghai composite bounced back and ended at 2838, 2.16% above yesterday’s close. Nifty, however, did see partial profit booking towards the end of the day’s trade and is likely to face stiff resistance around the 11092 mark. 



The Outlook for 13th July 2018
Daily Chart Levels
In the daily trading timeframe, Nifty share price closed at 11023. The index will find its next resistance around its weekly upper Bollinger band (11092 approx). However, the nearest support for the index stands around its 5 DMA high( 10956 approx). If Nifty breaks and trades below its 5 DMA( 10905 approx), it will find its next support at its 10 DMA (10813 approx)



Hourly Chart Levels
In the hourly trading charts, the Nifty share price has closed near its 10 HMA high (11023 approx ). The index will find its next resistance around its upper Bollinger band (11078 approx). However if Nifty breaks and trades below its 15 HMA(10995 approx) it will find its next support around its 20 HMA( 10980 approx).





The Outlook For 13th July 2018
Bank Nifty Daily Chart Levels
In the daily trading timeframe, Bank Nifty share price closed at 27027 approx. The index will find its nearest support around its upper Bollinger band (26965 approx). However, if Bank Nifty trades and closes below it is 5 DEMA high (26915 approx), it will find its next support at its 5 DMA( 26795 approx). The nearest resistance for Bank Nifty stands at its weekly  upper Bollinger band ( 27553 approx)



Bank Nifty Hourly Chart Levels
In the hourly charts, Bank Nifty share price closed around its 10 HMA( 27026 approx). The index will find its next resistance around its 5 HEMA high ( 27075 approx). However if the index breaks and trades below its  20 HMA (26944 approx), it will find its nearest support zone around its 34 HMA( 26858 approx).





Large Cap & Mid Cap Gainers


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