Selloff Triggered In Nifty Due To Sudden Jump In India Vix




The Outlook for 23rd October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty slipped 180 points from the day’s high and made a low of 10224 approx. The benchmark index witnessed a strong accumulation of sellers around the 10 DMA (10370 approx) after India Vix jumped above 19, midway through the day’s session. Nifty closed around 10245 today, which is 160 points below the opening price. The index is likely to hit the 10130 zones if it trades below 10200 approx. The nearest upside resistance for the index is around the 10 DMA ( 10375approx). However, if Nifty trades above 10410 approx, it will scale up to 10440 approx.  

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 10 HMA(10245approx). The index is likely to find strong resistance around the hourly mid-Bollinger band (10340approx). If Nifty trades above the 20 HMA( 10370approx) nearest upside target for the index is around the 34 HMA (10430approx). However, if Nifty trades below 10220approx, it will scale down to the hourly lower-Bollinger band (10183approx)





Nifty Large & Mid Cap Stocks



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A heavy bout selling was witnessed in Nifty in the last 30 minutes of trading today as India Vix jumped above 19 and hit the panic zone of 21. The index plunged 90 points in the last 30 minutes and made a low of 10224 approx. Today’s closing of 10245 reveals a strong presence of sellers in the market as the price has been pushed down by 160 points from the opening zone of 10403. India Vix has closed above 21, which is a clear indication that the market sentiments are heavily tilted towards the sell side. Massive accumulation was also witnessed in 10200 and 10300 Nifty Put options after the index snapped below 10290 in the last hour of trading today. Going forward, Nifty is likely to slip down to 10130 approx.

Stocks Under The Scanner
In today’s trade Indiabulls Housing finance shares rose 8.93%, while ICICI Bank shares rose 4.04%. IndusInd Bank shares dropped  6.96% in the course of the day’s trade.



The Outlook for 23rd October 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty slipped 180 points from the day’s high and made a low of 10224 approx. The benchmark index witnessed a strong accumulation of sellers around the 10 DMA (10370 approx) after India Vix jumped above 19, midway through the day’s session. Nifty closed around 10245 today, which is 160 points below the opening price. The index is likely to hit the 10130 zones if it trades below 10200 approx. The nearest upside resistance for the index is around the 10 DMA ( 10375approx). However, if Nifty trades above 10410 approx, it will scale up to 10440 approx.  

Nifty Hourly Chart Levels
In the hourly session, Nifty closed below the 10 HMA(10245approx). The index is likely to find strong resistance around the hourly mid-Bollinger band (10340approx). If Nifty trades above the 20 HMA( 10370approx) nearest upside target for the index is around the 34 HMA (10430approx). However, if Nifty trades below 10220approx, it will scale down to the hourly lower-Bollinger band (10183approx)





Nifty Large & Mid Cap Stocks



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