Principle Of Polarity In Nifty, Previous Resistance Of 10650 Turns Into A Support



 

The Outlook for 20th November 2018

Nifty Daily Chart Levels

In today’s trading, Nifty took the support of 10690 approx. The index has undergone the principle of polarity as the previous resistance zone of 10650 has now become a strong support for the index. Although Nifty has witnessed buying today, it lacked the momentum as the gap between the spot and the futures market has shrunk to 13, despite India Vix closing around 19. This phenomenon is rare and is likely to slow down the buying trend in Nifty in the coming days. Going forward, the index is likely to find the nearest support around the 50 DMA (10710 approx). However, the important support zone for the index will be around the 5 DEMA high (10650 approx). The nearest upside target for Nifty is around the daily upper-Bollinger band (10815 approx). On the other hand, if Nifty breaks and trades below 10620 approx, it will scale down to the 10 DMA (10570 approx).
 

Nifty Hourly Chart Levels

In the hourly session, Nifty has closed above the 5 HEMA high (10763 approx ). The index is likely to find support around the 20 HMA (10660 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (10778  approx). However, if Nifty trades below the 34 HMA (10625 approx), it will find support around the 50 HMA (10580 approx). On the other hand if Nifty trades below the 100 HMA (10510 approx), it is likely to scale down to the 200 HMA (10435 approx). 






Bank Nifty Options Data

 

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India’s benchmark Nifty has closed above the 200 DMA (10763 approx) in today’s session. The index has undergone the principle of polarity as the previous resistance of 10650 has now become a support zone. At the current moment, spot Nifty has closed at 10763 approx, whereas Nifty future has closed at 10776. This clearly indicates that the gap between the cash and future market has shrunk to 13 points despite India Vix closing at 19. This combination is rare and is indicative of the fact that the upside move of Nifty will be very slow and gradual. Going forward Nifty is likely to find support around the 5 DMA (10650 approx). The nearest upside target for the index is around 10815 approx.

Stocks Under Scanner
In today’s trade Yesbank shares rose 7.83%, ITC shares rose 2.87%. Indiabulls Housing Finance shares dropped 3.42 % in the course of the day’s trade.


 

The Outlook for 20th November 2018

Nifty Daily Chart Levels

In today’s trading, Nifty took the support of 10690 approx. The index has undergone the principle of polarity as the previous resistance zone of 10650 has now become a strong support for the index. Although Nifty has witnessed buying today, it lacked the momentum as the gap between the spot and the futures market has shrunk to 13, despite India Vix closing around 19. This phenomenon is rare and is likely to slow down the buying trend in Nifty in the coming days. Going forward, the index is likely to find the nearest support around the 50 DMA (10710 approx). However, the important support zone for the index will be around the 5 DEMA high (10650 approx). The nearest upside target for Nifty is around the daily upper-Bollinger band (10815 approx). On the other hand, if Nifty breaks and trades below 10620 approx, it will scale down to the 10 DMA (10570 approx).
 

Nifty Hourly Chart Levels

In the hourly session, Nifty has closed above the 5 HEMA high (10763 approx ). The index is likely to find support around the 20 HMA (10660 approx). The nearest upside target for the index is around the hourly upper-Bollinger band (10778  approx). However, if Nifty trades below the 34 HMA (10625 approx), it will find support around the 50 HMA (10580 approx). On the other hand if Nifty trades below the 100 HMA (10510 approx), it is likely to scale down to the 200 HMA (10435 approx). 






Bank Nifty Options Data

 

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