* Nifty closed the day on negative note on Monday, closing the day at 10,528.20 with a loss of 24.80 points or 0.24 percent.
* On a daily chart, Nifty is sustaining above its 21 Days Simple Moving Average which shows an upside rally in the Index.
* A daily momentum indicator RSI reading is at 50.30 level with a positive divergence and trading above oversold zone.
* With the ongoing structure, we are expecting the index to find resistance at 10,710 level while downside support comes at 10,475 level.
Bank Nifty Outlook
* Bank Nifty Index opened at 25,731.55 and went up to an intraday high of 25,788.20 closing the day at 25,747.95 with a gain of 46.30 points or 0.18 percent.
* On an hourly chart, Bank Nifty is forming Rounding Bottom pattern and about to give a breakout which indicates an upside move in the Index.
* A daily momentum indicator RSI reading is at 55.37 level and trading above oversold zone with a positive crossover.
* Going forward, during the day we expect the index to find resistance at 26,100 level, whereas support is likely to be placed at 25,600 level.
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