What a fantastic start of the new trading week. The Nifty opened on a bearish note on 11 October 2021 but bulls shown strength throughout the day and managed to cross the most awaited level of 18000 and made a new lifetime at 18041 level but in the dying hours showed some profit booking and managed to close below 18000 at 17945 level with a gain of 50 points. While Banknifty closed the session at 38293 level with a gain of 518 points.
On the technical
front, the index has given a breakout of a major resistance level which points
to strength for the upside in the upcoming session. The Average Directional
Index has closed at 37 levels, which indicates good volatility for the upcoming
days. The index has been trading above 21×50 Hourly Moving averages which
suggest upside movement. The stochastic indicator has also given a positive
crossover which indicates a north move for the counter. At present, the Index
has immediate support at 17900 level while resistance comes at 18075 levels.
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Resistance: 18050, 18100, 18100
Support: 17900, 17850, 17800
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