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Nifty: Immediate support near 10345 below which the next support comes near 10300 levels - IndiaNotes.com
Nifty: Immediate support near 10345 below which the next support comes near 10300 levels
Way2wealth | Published: 31 Oct, 2017  | Source : IndiaNotes.com

Nifty Spot Chart


Trading  for  the  week  began  with  marginally  higher  opening  as  indicated  by  the SGX  Nifty.  Post  opening,  index  gradually  rally  higher  and  tested  the  resistance  of 10380. Subsequently, index traded in a narrow range and eventually ended with a gain  of  0.39%.


On  hourly  chart,  index  formed  another  bearish  divergence.  Going forward, 10380 / 10400 zone likely to act as a near term resistance and any sustain move  above  this  level  will  drive  Nifty  higher  towards  10440  /  10480  levels respectively.  On  the  flip  side,  Nifty has  an  immediate  support  near  10345  below which the next support comes near 10300 levels.


Bank Nifty Spot Chart


The  Nifty  Bank  index  opened  marginally  higher  and  we  witnessed  decent  buying interest across the PSU space during the initial hour of trade. Subsequently, index traded  sideways  throughout  the  remaining  part  of  the  session.  In  the  process, index  ended  the  session  with  a  gain  of  0.60%.  Looking  at  the  hourly  chart,  index took support near the triangle pattern and rebound sharply. Now, it’s a matter of time for Bank  Nifty to surpass its all-time  higher of 25200 hence we maintain our positive view on index and also expect volatility to increase in the near term.

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