Nifty Takes Support Of 10560, Upside Target At 10678




The Outlook for 22nd November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed selling pressure around the 5 DMA (10670 approx). The index slipped 100 points from the day’s high and took support of the 15 DMA (10560 approx). Due to the uneven distribution in the options Put-Call ratio, Nifty is likely to remain confined between 10700 and 10450 till the ratio is normalized. Going forward, the index is likely to find support around the hourly lower-Bollinger band (10515 approx). The nearest upside target for the index is around the 5 DEMA high (10680 approx). However, if Nifty trades above the 50 DMA (10715 approx), it will scale up to the 200 DMA (10750 approx). On the other hand, if Nifty trades below the daily lower Bollinger band (10480 approx), it will scale down to the 34 DMA (10430 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the 5 HMA (10600 approx ). The index is likely to find support around the 100 HMA (10565 approx). The nearest upside target for the index is around the 50 HMA (10640 approx). However, if the index trades below 10550 approx, it will find support around the hourly lower Bollinger band (10515 approx). In case Nifty trades above the hourly mid-Bollinger band (10690 approx), it is likely to scale up to the hourly upper-Bollinger band (10778 approx). 





Bank Nifty Options Data


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India’s benchmark Nifty took the support of 10550 approx in today’s trading session. The index is likely to be confined between the price band of 10700 and 10450 till the uneven distribution of the option Put - Call ratio is normalized. Going forward, Nifty is likely to take the support of the hourly Bollinger band (10515 approx). The nearest upside target for the index is around the 5 DEMA high (10680 approx).

Stocks Under The Scanner
In today’s trade Dr.Reddy shares rose 6.44%, Grasim shares rose 3.47%. TCS shares dropped 3.47 % in the course of the day’s trade.



The Outlook for 22nd November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed selling pressure around the 5 DMA (10670 approx). The index slipped 100 points from the day’s high and took support of the 15 DMA (10560 approx). Due to the uneven distribution in the options Put-Call ratio, Nifty is likely to remain confined between 10700 and 10450 till the ratio is normalized. Going forward, the index is likely to find support around the hourly lower-Bollinger band (10515 approx). The nearest upside target for the index is around the 5 DEMA high (10680 approx). However, if Nifty trades above the 50 DMA (10715 approx), it will scale up to the 200 DMA (10750 approx). On the other hand, if Nifty trades below the daily lower Bollinger band (10480 approx), it will scale down to the 34 DMA (10430 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the 5 HMA (10600 approx ). The index is likely to find support around the 100 HMA (10565 approx). The nearest upside target for the index is around the 50 HMA (10640 approx). However, if the index trades below 10550 approx, it will find support around the hourly lower Bollinger band (10515 approx). In case Nifty trades above the hourly mid-Bollinger band (10690 approx), it is likely to scale up to the hourly upper-Bollinger band (10778 approx). 





Bank Nifty Options Data


 
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