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* The benchmark Nifty Index ended with negative note on Thursday , closing day at 11641.80 the day with a net loss of -84.35 points (-0.72%).
* On a daily chart, the Index has been trading in a “Broadening Rising Wedge Formation” where Index has taken support of the lower bend of the formation which indicates bounce back movement in Index.
* Moreover, the Nifty has taken support of its 21 Days Moving Average which shows a positive rhythm in the Index.
* A daily momentum indicator RSI reading is at 55.42 level with a negative crossover which points out for a negative breath in the stock.
* Based on the above technical structure, we are expecting a strong support comes at 11560 levels while upside resistance comes at 11810.
Bank Nifty Outlook
* The Index Opened at 29927.05 and made an intraday High of 30057.70, however, after giving a breakdown of its Rising Trend Line on an hourly chart, Index made Low of 29511.95 and finally settled at 29561.35.
* On a daily scale, the Index is giving breakdown of its 29655.35 level which is 23.60% retracement level of its previous move from 30648.10 level to 26441.55 level which suggests a negative move in the Index.
* Moreover, the Index started to trade below its 21 Days Moving Average which points out negative breath in the Index.
* A daily momentum indicator RSI reading is at 49.41 level with a negative crossover which points out for a negative breath in the stock.
* Based on the above technical structure, we are expecting a strong support comes at 29425 level while upside resistance comes at 30165.
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