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Nifty: 10300 will act as an immediate support -
Nifty: 10300 will act as an immediate support
Way2wealth | Published: 01 Nov, 2017  | Source :

Nifty Spot Chart

It’s been a quiet day for market as Nifty index traded in a narrow range of nearly 41 points and eventually concluded the session with a nominal loss of 0.27%.  The impact of bearish divergence mentioned in our previous update was seen as Nifty was  cooling of the momentum  for a time being. Looking at the hourly chart, index is approaching towards the upward sloping trend line joining from the bottom of 9868. Going forward, 10300 will act as an immediate support which coincides with the  hourly  45-EMA  below  which  index  likely  to  correct  till  10270  /  10240  levels respectively. Higher side, 10385 / 10440 are the near term resistance.

Bank Nifty Spot Chart

Yesterday,  we  witnessed  lethargic  movements  as  Nifty  Bank  index  traded  in  a narrow  range  of  nearly  131  points  and  eventually  ended  with  a  nominal  gain  of 0.12%.  Looking  at  the  hourly  chart,  the  Bollinger  Band  index  got  squeezed significantly  hence we expect volatility increase in the near term. Yesterday’s price action doesn’t lead to any significant  change on chart structure hence we reiterate our  positive  view.  For the  day,  24940 /  24800  are  the  intraday  support  whereas 24200 will continued to act as a near term resistance.

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