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Nifty: 10400 / 10375 are intraday support whereas 10445 / 10480 are the resistance for the day -
Nifty: 10400 / 10375 are intraday support whereas 10445 / 10480 are the resistance for the day
Way2wealth | Published: 03 Nov, 2017  | Source :

Technical Outlook

Wednesday’s optimistic closing was followed by flat opening and we witnessed bouts of profit booking throughout the session. In the process, the Nifty ended the day  with  a  marginal  loss  of  0.16%.

Looking  at  the  two  hour  chart,  we  are  seeing the  formation  of  bearish  divergence  and  index  is  hovering  near  the  261.8%  extension of its swing move from the top of 10252 to the bottom of 10123.

Thus, we may see some bit of profit taking in the near term hence traders are advised to adopt  stock  centric  approach. For  the  day,  10400  /  10375  are  intraday  support whereas 10445 / 10480 are the resistance for the day.

Bank Nifty Spot Chart

After  confirming  its  breakout  from  broad  consolidation  in  its  previous  trading  session, the Nifty Bank  index opened on flat  note and hit another all-time  high of 25599 during the initial hour of trade. Subsequently, mild profit booking during the second  half  pull  index  lower  from  its  early  morning  high.  In  the  process,  index eventually  ended  with  a  nominal  loss  of  0.25%.  Going  forward,  we  maintain  our positive view and expect the ongoing momentum to continue.

For the day, 25525 / 25620 are the resistance whereas 25330 / 25235 are the immediate support.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.