* The Nifty, which opened at 10,790 the index recovered in the second half of the trading session to hit an intraday high of 10,858 before closing at 10,844, up 46 points.
* On a daily chart, the Index has formed small bullish candle above average volume activity which show positivity in the Index.
* On an hourly chart, the Index has been trading below its 21 and 50 hours simple moving averages which show positivity in the Index.
* A momentum indicator RSI and MACD is about to give positive crossover on the daily chart which adds more bearishness to the price.
* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 10,870 while downside support comes at 10,720 level.
Bank Nifty Outlook
* The benchmark Bank Nifty Index ended with Positive note on Wednesday, closing day at 27184.65 the day with a net gain of 314.15 points (+1.17%).
* On a daily chart, the index has formed small bullish candle with positive strength which show positivity in the Index.
* On an hourly chart, The Index has been trading above its 21 Hours Simple Moving Averages which show bullish movement in the Index.
* A momentum indicator RSI reading is at 39.21 its near to give positive crossover which point out positive breath in the Index.
* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 27,440 while downside support comes at 26,810 level.
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