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* The Nifty opened higher at 12047.35 and hit an intraday high of 12057.05 but wiped out all gains. The index rebounded to the day's high in the afternoon but again tripped in late trade to hit the day's low of 11888.85. It closed -96.90 points lower at 11921.50 level.
* On a weekly chart, the Index has confirmed a “Bearish Harami Candlestick” formation near a top of its previous peak which signifies a bearish reversal move in the Index.
* On a daily chart, On a weekly chart, the stock has reversed from 12158.80, which is a 61.08 % Retracement level of its previous pullback and shifted below 50% Retracement Level which shows southward movement in the counter.
* Moreover, the Index has been trading above its 21 and 50 Days Simple Moving Averages which show positivity in the Positivity in the Index.
* Based on the above technical structure, it seems that the Nifty might play its game between the range of 11935-12095
Bank Nifty Outlook
* The Nifty Bank also wiped out its morning gains after a pause in rate cut and traded lower in the afternoon. The index closed 0.83 percent lower at 31,713 and formed a bearish candle on daily charts.
* On a weekly chart, the Index has face strong resistance at 32157 level and retreat from its high level it which shows a southward movement towardsits downside level 30855 level.
* Moreover, the Index has been forming big bearish candle with above average volume activity which show negativity in the Index.
* On a daily chart, the Index has been trading below its Rising Trend Line and also closed below its shown downside movement in the Index.
* Based on the above technical structure, we are expecting a downside movement in the index up to the level of 31,000 while upside resistance comes at 32,160.
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