Partial Profit Booking Seen In Nifty, Perfect Time To Go Long On Dips




The Outlook for 2nd November 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty witnessed a brief session of profit booking after it opened around 10431 approx. The benchmark index took the support of the 20 DMA (10342 approx) in the first half of trading. Going forward, Nifty is likely to find the first support zone around the 5 DEMA high (10330 approx). In the event of a deep correction, if Nifty slips below 10300 approx, it will find solid support around the 10 DMA (10200 approx). The nearest upside target for the index is around 10570 approx. However, if Nifty slips below 10185 approx, it will scale down to 10090 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 10 HMA (10380 approx ). The index is likely to find support around the 15 HMA (10305 approx). The nearest upside target for Nifty is around the 200 HMA (10455 approx). However, if the index trades below the hourly mid-Bollinger band (10285 approx), it will slip down to the hourly lower-Bollinger band (10100 approx). 





Nifty Large & Mid Cap Stocks




 " data-username="AMPLIFYKOLKATA" data-message="asksdfds">
India’s benchmark Nifty opened 50 points gap up this morning at 10431 approx. The overall trend is still a buy as the index took the support of 20 DMA (10342 approx) after a brief phase of profit booking today. It is the perfect time for traders to go long in Nifty around two major support zones of 5DEMA high ( 10330approx) and the 10 DMA (10200 approx). The nearest upside target for the index is around the 10570 approx.

Stocks Under The Scanner
In today’s trade Yes Bank shares rose 9.30%, while Hindalco shares rose 4.88%. Hcl Tech shares dropped  3.80% in the course of the day’s trade.



The Outlook for 2nd November 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty witnessed a brief session of profit booking after it opened around 10431 approx. The benchmark index took the support of the 20 DMA (10342 approx) in the first half of trading. Going forward, Nifty is likely to find the first support zone around the 5 DEMA high (10330 approx). In the event of a deep correction, if Nifty slips below 10300 approx, it will find solid support around the 10 DMA (10200 approx). The nearest upside target for the index is around 10570 approx. However, if Nifty slips below 10185 approx, it will scale down to 10090 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 10 HMA (10380 approx ). The index is likely to find support around the 15 HMA (10305 approx). The nearest upside target for Nifty is around the 200 HMA (10455 approx). However, if the index trades below the hourly mid-Bollinger band (10285 approx), it will slip down to the hourly lower-Bollinger band (10100 approx). 





Nifty Large & Mid Cap Stocks




 
Recent Articles
Sell Off In Ultratech Cement10th September 2018