* The index opened on a positive note and thereafter traded in a narrow range to close flat for the day, forming a "Spinning Top" candlestick pattern which is a neutral formation.
* On an hourly chart, the Nifty has been trading with a positive crossover of 21*50 hourly moving averages which shows positive momentum in the Index.
* The Nifty has been trading in a higher top higher bottom formation since many days which indicates bullish sentiments in the index.
* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 10710 while downside support comes at 10570.
Bank Nifty Outlook
* The Bank Nifty opened flat and thereafter traded in a narrow range and ended with a minor gain of 27 points at 25703 level.
* On an hourly chart, the Bank Nifty has retested its downward sloping trend line which suggests a bounce back move in the index.
* On the daily chart, the Bank Nifty is trading above its 20 as well as 50 days exponential averages which suggests that the short term trend is up.
* Based on the above parameters, we are expecting a bounce back movement in the Index upto the level of 26100 while downside support comes at 25450.
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