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Nifty: 10400 / 10370 are the immediate support - IndiaNotes.com
Nifty: 10400 / 10370 are the immediate support
Way2wealth | Published: 02 Nov, 2017  | Source : IndiaNotes.com

Nifty

On Wednesday, the Nifty index opened on cheerful note  owing to positive  global  cues   and we   saw   sharp   surge   in   index   during   the   initial   hour   of   trade.  Subsequently,  the  bulls  were  holding  its  gains  throughout  the  remaining  part  of the  session.  In  the  process,  index  eventually  concluded  the  session  at  record  closing high.  Going forward, Nifty is approaching towards the 161.8% reciprocal of its  entire  swing  move  from  the  top  of  10179  to  the  bottom  of  9688  comes  near 10482 which may act as an immediate resistance. On the flip side, 10400 / 10370 are the immediate support in case of pullback. 


Bank Nifty

Yesterday’s move was in line with our expectation as  highlighted  in  our  previous  update. During the day, the Nifty Bank index opened with a gap and surpassed its previous all-time high of 25200. The break of such resistance with a gap is a bullish indication and we saw follow-up buying throughout the session. Broadly speaking, index  has  confirmed  its  breakout  from  long  consolidation  hence  we  expect  Bank

Nifty  to  outperform  in  the  near  term.  For  the  day,  25680  /  25870  are  the immediate resistance whereas 25300 / 25100 are the immediate support.

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