Nifty Forms New Base After Market Correction, But Still Short of Buy Point.

By Moneyites.com
7-September-2018 7:10:11 PM
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Indian benchmark index NSE Nifty 50 swings between profit and losses before finally settled 59 points up at 11536 in the Thursday trading session. The Indian index open gap up but soon erode the morning gains and keep puzzled the investors and traders from it volatile movement for the day.

Nifty 50:- Technically, the index has fallen around 350 points in current week from 11751-11394. The index then took the reversal from the low of 11393 and it’s now forms a new base after market correction. The index is still short of the buying zone and keeps consolidating at the lower level for now.

The index has immediate resistance at the level of 11570 above that it may rally to 11613/11640/11670 in the coming time, whereas it has immediate support level at 11495 below that it may test 11460-11435-11390 in the short run.

Bank Nifty: – The banking index has crucial support zone at 27000-27100 in the near term. The Bank Nifty index has immediate resistance at 27525 above that it may retest the level of 27660-27810-27970 to the upside, whereas it has immediate support at 27250 below that it may retest the level of 27170-27035-26900 to the downside.

Bottom line: – Moneyites.com says, Nifty may trade in range of 11460-11570 in the near term. The either side breakout on closing basis may set short term direction in Nifty.

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