* The Index opened on a flat note and traded in a narrow range to close flat for the day ending at 10651 level.
* Moreover, Nifty is trading in a confined range from past three trading session and its either side movement can clarify the direction.
* On an hourly chart, the Nifty bounced back after taking a support of its 20 hours exponential moving average which suggests positivity in the index.
* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 10720 while downside support comes at 10600.
Bank Nifty Outlook
* The Bank Nifty opened on a flat note and traded in a narrow range and ended with a gain of 43 points at 25660 level.
* On an hourly chart, the Bank Nifty has given breakout of its falling channel pattern which suggests that further movement can be expected.
* Moreover, on the weekly chart the Bank Nifty is trading in the rising channel pattern and either side movement can define the direction of the index.
* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 26000 while downside support comes at 25400.
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