Nifty Takes Support Of 100 DMA, RBI Policy Outcome To Decide The Trend


Nifty saw a choppy session of trading ahead of the crucial RBI credit policy lined up on the 6th of June. 56% of the analysts surveyed stated that the RBI is likely to maintain a status quo. However, given the current economic scenario the RBI is likely to switch to a hawkish stance for the next policy meet. While the current Repo rates stand at 6%, one should not be surprised if the MPC decides to notch up the Repo rates by 25 basis points. The currency on the other hand will gain in strength if the rates are hiked which in turn will lead to an upside in the equity market in the interim period.
Stocks Under The Scanner
In the Pharma space Cipla shares rose 4.11% while Bajaj Finance of the NBFC segment rose 2.49% ahead of the RBI credit policy. Shares of Zee Entertainment and Titan fell 3.08% and 2.41% respectively.

Outlook For  6th June, 2018
Daily Chart Levels
In today’s trading session Nifty share price closed marginally below its 15 DMA (10615 approx).The index will find its next resistance around its 20 DMA (10655 approx).If the index trades above its 10665it will find its next resistance zone around its 5 DEMA high (10700 approx).However, if Nifty share price trades below its 50 DMA (10535 approx) ,it is likely to find its support around its lower Bollinger band (10449 approx).

Hourly Chart Levels
In the hourly trading timeframe Nifty share price has closed around its 10 HMA (10595 approx). The index will find its first resistance around its 15 HMA(10625 approx).If Nifty trades above 10630it will find its next area of resistance around its 20 HMA( 10650 approx).However if Nifty slips below its 5 HMA ( 10585 approx) it  will find its next support around its lower Bollinger band ( 10540 approx). 

Outlook For 6th June, 2018
Bank Nifty Daily Chart Levels
Bank Nifty traded in a range of 260 points today. The index closed above its 20 DMA (26251 approx) and will find its next resistance around its 10 DMA (26335 approx). If the index trades below its 15 DMA (26190 approx) it will find its first support zone around its 34 DMA (25860 approx). However, if Nifty share price trades below 25840 approx, it is likely to find its next resistance around its100 DMA (25540 approx).
Bank Nifty Hourly Chart Levels
Bank Nifty share price closed marginally below its 5 HEMA high (26250 approx). The index will find its next support around its 10 HMA(26222 approx). If the index trades below its 100 HMA (26205approx) it will find its next support zone around its 200 HMA (26125 approx). However, if Bank Nifty share price trades above 26270, it is likely to find its next resistance around its 15 HMA (26310 approx).
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Nifty saw a choppy session of trading ahead of the crucial RBI credit policy lined up on the 6th of June. 56% of the analysts surveyed stated that the RBI is likely to maintain a status quo. However, given the current economic scenario the RBI is likely to switch to a hawkish stance for the next policy meet. While the current Repo rates stand at 6%, one should not be surprised if the MPC decides to notch up the Repo rates by 25 basis points. The currency on the other hand will gain in strength if the rates are hiked which in turn will lead to an upside in the equity market in the interim period.
Stocks Under The Scanner
In the Pharma space Cipla shares rose 4.11% while Bajaj Finance of the NBFC segment rose 2.49% ahead of the RBI credit policy. Shares of Zee Entertainment and Titan fell 3.08% and 2.41% respectively.

Outlook For  6th June, 2018
Daily Chart Levels
In today’s trading session Nifty share price closed marginally below its 15 DMA (10615 approx).The index will find its next resistance around its 20 DMA (10655 approx).If the index trades above its 10665it will find its next resistance zone around its 5 DEMA high (10700 approx).However, if Nifty share price trades below its 50 DMA (10535 approx) ,it is likely to find its support around its lower Bollinger band (10449 approx).

Hourly Chart Levels
In the hourly trading timeframe Nifty share price has closed around its 10 HMA (10595 approx). The index will find its first resistance around its 15 HMA(10625 approx).If Nifty trades above 10630it will find its next area of resistance around its 20 HMA( 10650 approx).However if Nifty slips below its 5 HMA ( 10585 approx) it  will find its next support around its lower Bollinger band ( 10540 approx). 

Outlook For 6th June, 2018
Bank Nifty Daily Chart Levels
Bank Nifty traded in a range of 260 points today. The index closed above its 20 DMA (26251 approx) and will find its next resistance around its 10 DMA (26335 approx). If the index trades below its 15 DMA (26190 approx) it will find its first support zone around its 34 DMA (25860 approx). However, if Nifty share price trades below 25840 approx, it is likely to find its next resistance around its100 DMA (25540 approx).
Bank Nifty Hourly Chart Levels
Bank Nifty share price closed marginally below its 5 HEMA high (26250 approx). The index will find its next support around its 10 HMA(26222 approx). If the index trades below its 100 HMA (26205approx) it will find its next support zone around its 200 HMA (26125 approx). However, if Bank Nifty share price trades above 26270, it is likely to find its next resistance around its 15 HMA (26310 approx).
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