* On a daily chart, the Index has fallen for third consecutive day with accentuated volume activity across all the large cap counters and finally settled at 10704.80 level.
* Since last three days, the Nifty has been trading below its 21 Days Moving Average which shows a negative trend for the time being.
* Moreover, on a weekly chart, the Index has already given a breakdown of its Rising Channel formation which again indicates a southward movement.
* A daily momentum indicator RSI reading is at 37.85 level with a negative crossover which points out for a negative breath in the counter.
* Based on the above technical structure, we are expecting a downside movement in the index, downside support comes at 10600 level while resistance comes at 10800 level.
Bank Nifty Outlook
* Since last three days, the BankNifty index has been trading below its 21 Days Moving Average which suggests a bearish sentiment in the Index.
* Moreover, the BankNifty has formed a Long Bearish Candlestick with above average volume which indicates a further downside would be there.
* However, the Index has good support zone at 26560 level from a bounce back can be expected in the Index.
* A daily momentum indicator RSI reading is at 38.11 level with a negative crossover which points out for a negative breath in the Index.
* Based on the above technical structure, the BankNifty has good support at 26560 level which resistance comes at 27050 level.
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