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Nifty: 24740 / 24560 are intraday support whereas 24940 / 25200 are the immediate hurdle - IndiaNotes.com
Nifty: 24740 / 24560 are intraday support whereas 24940 / 25200 are the immediate hurdle
Way2wealth | Published: 30 Oct, 2017  | Source : IndiaNotes.com

The  concluding  session  of  week  began  with  a  marginally  higher  opening  and  we  witnessed  lethargic  movement  throughout  the  session.  In  the  process,  index eventually ended on flat note. After seeing sharp rally in past few days, index took breather  and  traded within  a  narrow  range  of 55  points.


On  hourly chart, we  are seeing  a  bearish divergence  formation  hence  possibility  of  some  consolidation  or correction might be possible in the near term.


Going forward, 10350 will act as an immediate  resistance  above  which  the  next  resistance  comes  near  10380.  Lower side, 10300 / 10270 are the near term support.


On  Friday,  the  Nifty  Bank  index  opened  lower  with  a  gap  of  nearly  half  a  percent mainly  on the back of pessimistic opening of YESBANK & ICICIBANK.


Post opening, index traded in a narrow range and eventually ended with a loss of 0.73%. During  the  day,  we  saw  profit  booking  across  the  PSU  space  which  pulled  index  lower.


Looking  at  the hourly  chart,  the Bollinger band  index  has  squeezed  and  index  is approaching  towards  the  lower  band  of  the Bollinger band. 


For  the  day,  24740  / 24560 are intraday support whereas 24940 / 25200 are the immediate hurdle.

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