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* Benchmark index closed in positive note after falling for nine consecutive sessions. Nifty closed at 11,222, up 73.80 points or (0.66%).
* Yesterday, we have seen a highly volatile session, the Index moved in narrow range and made intraday low at 11108.30 the Index surged during the 2 nd half of the session and made an Intraday high at 11294.75 level.
* On a daily chart, the Index made bullish candle and still sustain above 100 and 200 Days Moving Average which indicate positivity in the Index.
* A daily momentum indicator RSI reading is at 36.24 and about to give positive crossover which shows positive breath in the Index.
* Based on the above technical structure, we are expecting a strong support comes at 11,108.30 levels while upside resistance comes at 11,300.
Bank Nifty Outlook
* During Yesterday treading session, Index opened above the previous day low at 29026.65 level, however during 2nd half of the trading session, the index traded in range bound movement B/W 28748.20 – 28582.60 and finally recovered from its day low made intraday high at 29058 level and settled down at 28867.30 level.
* On a weekly chart, the Index is continuously trading above its 100 and 200 Weeks Moving Average which show positivity in the Index.
* On an hourly chart, the Index is just starting to trade above its 21 Days Moving Average which indicate upside movement in the Index.
* Based on the above technical structure, we are expecting a strong support comes at 28580 level while upside resistance comes at 29,200.
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