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* On a weekly chart, the Index has taken a support of its 21 Weeks Moving Average after a healthy correction from its 24 Week High, which as well suggests a bounce back move in the Index.
* On yesterday, we have seen a Highly Bullish session after a Gap Up Opening on the hourly chart, though the Index plunged during the 1st half of the session and made an Intraday Low however the Index tried to recover from day’s low and finally settled at 11320.40 level.
* A daily momentum indicator RSI reading is at 72.74 level with a positive crossover which points out for a positive breath in the counter.
* With the ongoing structure, we are expecting the index to find resistance at 11,350 level while downside support comes at 11,180 level.
Bank Nifty Outlook
* On Yesterday, the Index Opened at 28168.20 and made intraday Low of 28142.25, however, after seen strong bullish rally in the Index made High of 28488.10, and finally settled at 28443.70.
* The Bank Nifty has the strong support of its slightly Upward Rising Trend line which as well indicates a bounce back movement in the Index.
* A daily momentum indicator RSI reading is at 73.16 level with a Positive crossover which points out for a positive breath in the Index.
* With the ongoing structure, we are expecting the index to find resistance at 28,700 level while downside support comes at 28,300 level.
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