India’s benchmark Nifty has faced stiff resistance around 10620 for the 5th day in a row. The index is likely to form a fresh trend only if it trades above 10680 or below 10495 approx. Going forward, the index will find support around the 34 DMA ( 10532approx) and the nearest resistance for the index will be around the daily upper-Bollinger band (10680 approx).
Stocks Under The Scanner
In today’s trade Yesbank shares rose 5.37%, while Hindustan Petroleum (NS:HPCL) shares rose5.05%. Bharti Airtel (NS:BRTI) shares dropped 2.89% in the course of the day’s trade.
The Outlook for 11th November 2018
Nifty Daily Chart Levels
In today’s trading, Nifty slipped into a range of 72 points. The index faced stiff resistance around 10620 approx. Nifty is likely to form fresh trend only if it trades above the daily upper Bollinger band (10680 approx) or below 10495 approx. The nearest support for the index is around the 34 DMA (10532 approx). However, if Nifty trades below 10510 approx, it will find the last support zone around 10495 approx. On the other hand, the nearest resistance for the index is around the 10680 approx. If Nifty trades above 10720 approx, it will scale up to the 200 DMA (10770 approx).
Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 5 HMA high (10585 approx). The index is likely to find support around the 34 HMA (10520approx). The nearest upside target for Nifty is around the hourly upper Bollinger band (10643 approx). However, if the index trades below 10500approx, it will slip down to the 50 HMA (10460approx).
Nifty Large & Mid Cap Stocks
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