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* Nifty50 after opening higher at 12146.05 and made intraday high of 12147.40, slipped into red and extended losses as the day progressed. The index touched the day's low of 12017.40, before closing 95 points lower at 12056.05.
* On a daily chart, the Index has confirmed “Hanging Man Candlestick” which is reversal formation suggests southward movement in the stock.
* Moreover, the Index has formed “Big Bearish Candle” with above average volume activity which indicates positivity in the Index.
* A daily momentum indicator RSI reading is at 61.24 level with a “Negative Crossover” which points out for a negative breath in the Index.
* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 12,170 while downside support comes at 11,950 level.
Bank Nifty Outlook
* The benchmark BankNifty Index ended with negative note on Friday, closing day at 31946.10 the day with a net loss of 176.85 points
* On a weekly chart, the Bank Nifty Index has formed “Big Bullish Candle” with above average volume activity which shows bullish movement in the Index.
* On a daily chart, the Index has confirmed “Hammer Candlestick” by taking a support at its Rising Trend Line which suggests an upside movement in the counter.
* A daily momentum indicator RSI reading is at 69.39 level and about to give “Negative Crossover” which points out for a negative breath in the Index.
* Based on the above technical structure, we are expecting that the BankNifty may face strong resistance 32,150 while downside support comes at 31,750 level.
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