* The equity benchmarks cut its losses in late trade on short covering after making a fresh low of three weeks, 50- share NSE Nifty fell 87.80 points to 9,820.25.
* On a daily chart, the index has given a gap down opening below the Fibonacci retracement level 38.2% and moved further towards south during the session.
* Moreover, the Index has been trading below its 21 days moving average which is placed at 9967.30 level which shows a negative trend of the Nifty.
* However, the momentum indicator RSI reading is at 43.01 level with a negative crossover which points out for a negative breath in the Index.
* Based on the above technical structure, we may witness a downside movement upto the level of 9700-9650 level while upside it has a resistance at 9850 level.
Bank Nifty Outlook
* The BankNifty has given a gap down opening and moved to southward direction during the session, closed at 24217.35 with losing 157.25 points.
* On a daily chart, the BankNifty has been trading below its 21 days moving average which is placed at 24560 level which shows a negative trend of the Index.
* Moreover, a daily momentum indicator RSI is showing a negative crossover which may lead the index to move in a southward direction.
* Based on above technical structure, we may witness a downside move up to the level of 23700-23600 level while upside it has a resistance at 24300 level.
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