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* The index opened on a positive note at 11642.10 which was also an intraday high but failed to hold that level and highly volatile throughout the session. The index closed -90.60 points or-0.78 percent lower at 11,596.90.
* On a daily chart, the Index has formed big bearish candle with above average volume activity which points out negativity in the Index.
* Moreover, the index is trading above its 21*50 Days Moving Averages with negative crossover which point out negative in the index.
* A daily momentum indicator RSI reading is at 43.83 level with a positive crossover, apart from this, the RSI is giving breakdown of its falling trend line which points out for negative breath in the Index.
* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11715 while downside support comes at 11570 level.
Bank Nifty Outlook
* The index opened on a positive note at 30705.80 which was also an intraday high but failed to hold that level and highly volatile throughout the session. The index closed at 30454.30, down 294.70 points and formed a big bearish candle on the daily scale and made intraday low at 30378.60
* On a daily chart, the index started to trade below its 21 and 50 Days Simple Moving Averages which indicate downside movement in the Index.
* On an hourly chart, the Index price has moved below lower “Bollinger Band” which suggests bearish rally will continue further for near term.
* A daily momentum indicator RSI reading is at 43.63 level with negative crossover which points out for a negative breath in the stock.
* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 30865 while downside support comes at 30365 level.
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