* Nifty closed the day on positive note on Thursday, closing the day at 11023.20 with a gain of 74.90 points or 0.68 percent.
* On an Hourly chart, the Nifty opened with a Runaway Gap and extended the rally further which suggest strength in the index.
* The daily momentum indicator RSI(14) reading is at 68.32 with a positive crossover which indicate a bullish move in the Index.
* With the ongoing structure, we are expecting the index to find resistance at 11100 level while downside support comes at 10950 level.
Bank Nifty Outlook
* The Bank Nifty index opened at 26,937.50 and went up to an intraday high of 27,164.80 closing the day at 27,026.55 with a gain of 210.35 points or 0.78 percent.
* On a Daily chart, Bank Nifty has bounced back after taking support of its upward Rising trendline formation which indicates a bull run in Bank Nifty.
* The daily momentum indicator RSI(14) reading is at 63.87 with a positive crossover which suggest bull run in the Index.
* Going forward, during the day we expect the index to find resistance at 27500 level, whereas support is likely to be placed at 26900 level.
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