Nifty Takes Support Of 10470, Likely To Revisit 10600




The Outlook for 6th November 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty took the support of 10470 approx. The benchmark index is likely to scale back to 10600 in the next couple of trading sessions. Since the trend of the market is a buy, Nifty will find strong support around the 5 DEMA high (10460 approx). The nearest upside target for the index is around the 34 DMA (10605 approx). However, if Nifty trades above the daily upper- Bollinger band (10660 approx), it will scale up to the 200 DMA (10750 approx). On the other hand, if Nifty trades below 10455 approx, it will scale down to the daily mid-Bollinger band (10310 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5HEMA high (10525 approx). The index is likely to find strong support around the 200 HMA (10400 approx). The nearest upside target for the index is around the hourly upper Bollinger band (10610 approx). However, if Nifty trades below the 34 HMA (10385 approx), it will slip down to the hourly lower Bollinger band (10330 approx).






          Nifty Large & Mid Cap Stocks




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India’s benchmark Nifty traded in a range of 70 points due to an interim session of profit booking today. The index opened around 10544 approx and took the support of the 5 DEMA high (10470 approx). The trend of the market continues to be a buy despite today’s profit taking session. Nifty is likely to bounce back and revisit the 34 DMA (10605 approx) in a short notice. Today’s closing at 10524 has stacked the odds in favor of the buyers, therefore, even if Nifty slips below 10455, it will find a strong support around the daily mid-Bollinger band (10310 approx).

Stocks Under The Scanner
In today’s trade State Bank Of India, shares rose 3.77%, while UPL shares rose 2.13%. Cipla shares dropped  7.35 % in the course of the day’s trade.



The Outlook for 6th November 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty took the support of 10470 approx. The benchmark index is likely to scale back to 10600 in the next couple of trading sessions. Since the trend of the market is a buy, Nifty will find strong support around the 5 DEMA high (10460 approx). The nearest upside target for the index is around the 34 DMA (10605 approx). However, if Nifty trades above the daily upper- Bollinger band (10660 approx), it will scale up to the 200 DMA (10750 approx). On the other hand, if Nifty trades below 10455 approx, it will scale down to the daily mid-Bollinger band (10310 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5HEMA high (10525 approx). The index is likely to find strong support around the 200 HMA (10400 approx). The nearest upside target for the index is around the hourly upper Bollinger band (10610 approx). However, if Nifty trades below the 34 HMA (10385 approx), it will slip down to the hourly lower Bollinger band (10330 approx).






          Nifty Large & Mid Cap Stocks




 
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