Nifty To Witness Range Extension Above 10650 Or Below 10465




The Outlook for 16th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty was caught between buyer-seller crossfire thus traded in a range of 115 points between 10645 and 10560 approx. Aggressive selling was not witnessed today around the resistance area of 10650 approx. Going forward, the index is likely to find support around the 10 DMA (10510 approx). The nearest upside target for the index is around the daily upper-Bollinger band (10740 approx). However, if Nifty slips below 10470 approx, it will scale down to the 15 DMA (10412 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HMA (10617 approx). The index is likely to face resistance around the hourly upper Bollinger band (10650 approx). The nearest support for the index is around the 20 HMA (10570 approx). However, if Nifty trades below the 34 HMA (10550 approx), it will scale down to the hourly lower- Bollinger band (10510 approx). On the other hand if Nifty trades above 10690 approx, it is likely to scale up to 10720 approx.  





Bank Nifty Options Data


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India’s benchmark Nifty was caught between buyer and seller crossfire today thus traded in a range of 115 points. The index took the support of the 10 DMA (10540 approx) early in the day and faced resistance around 10645 approx in the second half of trading. Going forward, Nifty is likely to witness further range extension, only if it trades above the 5 DEMA high (10650 approx) or breaks down below the 34 DMA (10465 approx).  

Stocks Under The Scanner
In today’s trade Adani port shares rose 4.28%, Titan shares rose 3.29%. Grasim shares dropped     8.02 % in the course of the day’s trade.



The Outlook for 16th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty was caught between buyer-seller crossfire thus traded in a range of 115 points between 10645 and 10560 approx. Aggressive selling was not witnessed today around the resistance area of 10650 approx. Going forward, the index is likely to find support around the 10 DMA (10510 approx). The nearest upside target for the index is around the daily upper-Bollinger band (10740 approx). However, if Nifty slips below 10470 approx, it will scale down to the 15 DMA (10412 approx). 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HMA (10617 approx). The index is likely to face resistance around the hourly upper Bollinger band (10650 approx). The nearest support for the index is around the 20 HMA (10570 approx). However, if Nifty trades below the 34 HMA (10550 approx), it will scale down to the hourly lower- Bollinger band (10510 approx). On the other hand if Nifty trades above 10690 approx, it is likely to scale up to 10720 approx.  





Bank Nifty Options Data


 
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