Nifty Will Find Last Support At 10422, If It Opens Gap Down On Monday




The Outlook for 26th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed liquidation of long positions around the 5 DEMA high (10645 approx). Markets corrected 100 points intraday as result of the long unwinding. However, no buying was witnessed in the 10500 Put option despite the fact that Nifty has closed 36 points below its previous day’s low of 10562 approx.

What If Nifty Opens Gap Down
Going forward, if Nifty opens gap down on Monday it will find support around the daily mid- Bollinger band (10460 approx). The nearest upside target for the index is around the 15 DMA (10592 approx). However, if Nifty breaks and trades below 10440 approx, it will find the final support around the 34 DMA (10422 approx). The downside target for Nifty below 10400 is around the daily lower-Bollinger band (10120 approx). 

What If Nifty Opens Gap Up
In an extreme scenario, if the index opens gap up and trades above, the 5 DMA (10660 approx), it will scale up to the 50 DMA (10690 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the hourly lower Bollinger band (10526 approx). The index is likely to find resistance around the 100 HMA (10612 approx). The nearest downside target for the index is around the 200 HMA (10425 approx). However, if the index trades above the 50 HMA (10658 approx), it will scale up to the hourly upper Bollinger band (10680 approx). 





Bank Nifty Options Data

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India’s benchmark Nifty witnessed a 100-points correction intraday and made a low of 10513 in today’s trading. Today’s downside move was triggered due to the unwinding of long positions around the 5 DEMA high (10645 approx). Going forward, Nifty is might see a gap down opening on Monday. However, in the event of a gap down opening, the index will find support around the 34 DMA (10422 approx). The closest upside target for the index will be around the 15 DMA (10592 approx).

Stocks Under The Scanner
In today’s trade Zee Entertainment shares rose 4.23%, Adani Ports shares rose 2.01%. Mahindra & Mahindra shares dropped 3.02 % in the course of the day’s trade.



The Outlook for 26th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty witnessed liquidation of long positions around the 5 DEMA high (10645 approx). Markets corrected 100 points intraday as result of the long unwinding. However, no buying was witnessed in the 10500 Put option despite the fact that Nifty has closed 36 points below its previous day’s low of 10562 approx.

What If Nifty Opens Gap Down
Going forward, if Nifty opens gap down on Monday it will find support around the daily mid- Bollinger band (10460 approx). The nearest upside target for the index is around the 15 DMA (10592 approx). However, if Nifty breaks and trades below 10440 approx, it will find the final support around the 34 DMA (10422 approx). The downside target for Nifty below 10400 is around the daily lower-Bollinger band (10120 approx). 

What If Nifty Opens Gap Up
In an extreme scenario, if the index opens gap up and trades above, the 5 DMA (10660 approx), it will scale up to the 50 DMA (10690 approx).

Nifty Hourly Chart Levels
In the hourly session, Nifty has closed around the hourly lower Bollinger band (10526 approx). The index is likely to find resistance around the 100 HMA (10612 approx). The nearest downside target for the index is around the 200 HMA (10425 approx). However, if the index trades above the 50 HMA (10658 approx), it will scale up to the hourly upper Bollinger band (10680 approx). 





Bank Nifty Options Data

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