Option Premiums Close At The High, Buyers Must Defend 10150 To Sustain




The Outlook for 31st October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty faced resistance around the 15 DMA(10290 approx). Towards the end of the day, option premiums have closed above the normal band of 300-415. Thus, Nifty must trade above the 15 DMA (10330 approx) tomorrow in order to sustain the buying trend in the market. Going forward, Nifty is likely to find support around the 5 DMA (10150 approx), however, if the index trades below 10120 approx, it will scale down to 10025 approx. On the other hand, if Nifty trades above 10330 approx, it will scale up to 10400 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 15 HMA  (10198 approx). The index is likely to find support around the 34 HMA  (10150 approx). The nearest upside target for Nifty is around the 5 HEMA high (10250 approx). If Nifty trades above 10270 approx, it will scale up to the hourly higher -Bollinger band (10330 approx). On the other hand, if the index trades below 10120 approx, it will slip down to 10025 approx. 






         Nifty Large & Mid Cap Stocks



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India’s benchmark Nifty witnessed a rangebound session of trading today between 10284 and 10176. However, Option premiums have expanded abnormally high which might trigger a selloff, if Nifty fails to trade above the 20 DMA (10340 approx) tomorrow. Today’s closing of 10198 confirms that buyers still have control over the market. The nearest support for Nifty is around the 5 DMA (10150 approx). 

Stocks Under The Scanner
In today’s trade Tech Mahindra shares rose 3.12%, while Zee Enterprises shares rose 2.76%. Hindustan Petroleum shares dropped 4.77% in the course of the day’s trade.



The Outlook for 31st October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty faced resistance around the 15 DMA(10290 approx). Towards the end of the day, option premiums have closed above the normal band of 300-415. Thus, Nifty must trade above the 15 DMA (10330 approx) tomorrow in order to sustain the buying trend in the market. Going forward, Nifty is likely to find support around the 5 DMA (10150 approx), however, if the index trades below 10120 approx, it will scale down to 10025 approx. On the other hand, if Nifty trades above 10330 approx, it will scale up to 10400 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 15 HMA  (10198 approx). The index is likely to find support around the 34 HMA  (10150 approx). The nearest upside target for Nifty is around the 5 HEMA high (10250 approx). If Nifty trades above 10270 approx, it will scale up to the hourly higher -Bollinger band (10330 approx). On the other hand, if the index trades below 10120 approx, it will slip down to 10025 approx. 






         Nifty Large & Mid Cap Stocks



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