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* After a major correction in Index, the Nifty has managed to take the support of its 100 Days Moving Average which is placed at 11500 level which shows a bounce back movement in the Index.
* Moreover, the Index has formed a Hammer Candlestick which is a Bullish Reversal formation and suggests an upside movement.
* On a weekly chart, the Index has taken the support of its Lower Band of Upward Rising Channel formation which as well indicates a bounce back move in the Nifty.
* A daily momentum indicator RSI’s reading is at 38.70 level with a negative crossover which points out for a negative breath in the Index.
* Based on the ongoing structure, we are expecting that the Nifty may face resistance at 11650 while downside support comes at 11450 level.
Bank Nifty Outlook
* After a major fall in BankNifty Index, yesterday the Index managed to close in green but formed a Doji shape candlestick on a daily chart which is an indecisive in nature and doesn’t indicate any direction.
* Apart from this, the Index has been trading below its 21 Days Moving Average which shows a negative rhythm in the Index.
* On an hourly chart, the Index has formed Bullish Harami Candlestick formation which is a Bullish Reversal formation and suggests an upside movement.
* A daily momentum indicator RSI’s reading is at 44.45 level with a negative crossover which points out for a negative breath in the Index.
* Based on the ongoing structure on a daily and hourly chart, we are expecting that the Index may face resistance at 30900 while a downside support comes at 30300
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