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Sensex: 35511.6 +251.30 Gold: Rs.29753.00
Nifty: 10894.7 +77.70 Silver: Rs.38989.00
Nifty: Any break below 10403 will drag index lower towards 10360 -
Nifty: Any break below 10403 will drag index lower towards 10360
Way2wealth | Published: 06 Nov, 2017  | Source :

Nifty Spot Chart

The  concluding  session  of  week  started  with  gap  up  opening  however  index  surrendered  its  early  morning  gains  and  corrected  immediately  during  the  initial  hour   of   trade.   Subsequently,   the   support   based   buying   interest   during   the  remaining part of the session allow index to recoup its gains. In the process, Nifty  registered another record closing high. Friday’s candlestick resembles a formation of ‘Hanging man’ pattern however it requires confirmation in terms of trading  below pattern low of 10403. Any break below 10403 will drag index  lower towards 10360 whereas the 10482 / 10511 are  the near term resistance.

Bank Nifty Spot Chart

The  Nifty  Bank  index  maintained  its  northward  journey  and  registered  a  fresh  all-time high of 25695.50. In that optimism, index added 0.88% into bull’s kitty. In line  with  expectation,  the  momentum  continued  and  we  saw  participation  from  the PSU Banks. Looking at the daily chart, the 9 - EMA of RSI (14) has entered inside the 60  levels  which  is  a  bullish  indication.  Going  forward,  we  maintain  our  positive stance  and  expect  index  to  rally  higher.  For  the  day,  25395  /  25200  are  the  near term support whereas 25800 / 25950 are the immediate resistance.

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