Nifty Withstands Global Selling Pressure, Strong Support At 34 SMA


Nifty closed with a positive note at 10769 this afternoon. The American benchmark index S&P500 saw sharp selloff of 44 points yesterday after news of global trade uncertainties hit the market. In today’s session, however, Nifty withstood global selling pressure and opened at 10742 in the morning. Nifty briefly made a low of 10733 in the morning and went on to stage a strong recovery and made a high of 10805. Towards the close of the day’s trade the benchmark index closed on a positive note around its 5 DMA (10770 approx).

Stocks Under The Scanner
In the cement sector, Grasim shares rose 2.93%, while Coal India shares were up 2.36%. In the auto sector, Tata Motors shares were down 4.44%.

The Outlook for 27th June 2018
Daily Chart Levels
In the daily time frame, Nifty share price took the support of its 20 DMA( 10745 approx). The index is likely to find its next resistance around its 5 DEMA high( 10816 approx). Although Nifty traded between a choppy zone, it will find a strong support around its 34 DMA (10707 approx). If Nifty breaks and trades below its 50 DMA ( 10680 approx), it will find its next support zone around its lower Bollinger band ( 10604 approx).
Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 10 HMA (10770 approx). The index will find its support around its 200 HMA (10710 approx). If Nifty breaks and trades above its 100 HMA (10790 approx) it will find its next resistance around its upper Bollinger band ( 10830 approx).

The Outlook For 27th June 2018
Bank Nifty Daily Chart Levels
In the daily trading timeframe, Bank Nifty closed around its 5 DMA  ( 26606 approx ). The Banking index is likely to find its next resistance around it is 5 DEMA high (26711 approx). However if Bank Nifty breaks and trades below its 20 DMA (26500 approx) it will slip down till its next support zone around 200 DMA ( 26400 approx ). 

Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty has closed around its 5 HMA  ( 26602 approx ). The banking index is likely to face its next resistance around its 20 HMA (26635 approx). However, if bank Nifty breaks and trades below its 34 HMA ( 26585 approx), it will find its next support area around its 50 HMA ( 26515 approx ).
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In a choppy trading session, India’s Nifty closed with a positive note at 10769 this afternoon. The American benchmark index S&P500 saw sharp selloff of 44 points yesterday after news of global trade uncertainties hit the market. In today’s session, however, Nifty withstood global selling pressure and opened at 10742 in the morning. Nifty briefly made a low of 10733 in the morning and went on to stage a strong recovery and made a high of 10805. Towards the close of the day’s trade the benchmark index closed on a positive note around its 5 DMA (10770 approx).

Stocks Under The Scanner
In the cement sector, Grasim shares rose 2.93%, while Coal India shares were up 2.36%. In the auto sector, Tata Motors shares were down 4.44%.

The Outlook for 27th June 2018
Daily Chart Levels
In the daily time frame, Nifty share price took the support of its 20 DMA( 10745 approx). The index is likely to find its next resistance around its 5 DEMA high( 10816 approx). Although Nifty traded between a choppy zone, it will find a strong support around its 34 DMA (10707 approx). If Nifty breaks and trades below its 50 DMA ( 10680 approx), it will find its next support zone around its lower Bollinger band ( 10604 approx).
Hourly Chart Levels
In the hourly charts, the Nifty share price has closed around its 10 HMA (10770 approx). The index will find its support around its 200 HMA (10710 approx). If Nifty breaks and trades above its 100 HMA (10790 approx) it will find its next resistance around its upper Bollinger band ( 10830 approx).

The Outlook For 27th June 2018
Bank Nifty Daily Chart Levels
In the daily trading timeframe, Bank Nifty closed around its 5 DMA  ( 26606 approx ). The Banking index is likely to find its next resistance around it is 5 DEMA high (26711 approx). However if Bank Nifty breaks and trades below its 20 DMA (26500 approx) it will slip down till its next support zone around 200 DMA ( 26400 approx ). 

Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty has closed around its 5 HMA  ( 26602 approx ). The banking index is likely to face its next resistance around its 20 HMA (26635 approx). However, if bank Nifty breaks and trades below its 34 HMA ( 26585 approx), it will find its next support area around its 50 HMA ( 26515 approx ).
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