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* On a daily chart, the Nifty has sustained above its 100 Days Moving Average which is a good sign for a bounce back movement.
* Moreover, the Index is also taking the support of its 11488 level which is a 61.80% Fibonacci Retracement level of its previous up move from 11108 level to 12103 level.
* On a weekly chart, the Index has been trading in an Upward Rising Channel formation which is a continuation pattern and suggests a northward movement.
* A daily momentum indicator RSI reading is at 41.65 level with a positive crossover, apart from this, the RSI is trending with its Upward Rising Trend line which points out for a positive breath in the Index.
* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 11650 while downside support comes at 11520 level.
Bank Nifty Outlook
* On a daily chart, the BankNifty has formed a Doji Candlestick which is an indecisive candlestick and doesn’t indicate any particular direction.
* Moreover, the Index has been trading below its 21 Days Moving Average which is placed at 30875 level which shows a temporary resistance for the time being.
* However, the BankNifty has held strong support near to its previous bottom which gives a cushion to Index to propel an upside movement.
* A daily momentum indicator RSI reading is at 47.45 level with an Upward Rising Trend line which points out for a positive breath in the Index.
* Based on the above technical structure, we are expecting that the BankNifty may face an intraday resistance at 30900 while downside support comes at 30500 level.
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