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* On a Daily Chart , the index has opened on moderate gains at day high level i.e.12219.20 and did not managed to sustain at higher level afterward showed profit booking and made a intraday low at 12140.05 but managed to close at 12166.90 with a moderate loss of 26.55
* Moreover, the index has started trading above 21*50 DMA which points out positive strength in the Index.
* On the other hand, Price has started trading above “Ichimoku Cloud” where TenkanSen has crossed KijunSen, which indicates bullish signals for near term.
* a momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price
* Based on the above technical structure, we are expecting a good support at 12100 while Upside resistance comes at 12280 level.
Bank Nifty Outlook
* On a Daily Chart , the index has opened on Moderate gain at intraday high level i.e 31598.55 after that showed downside movement as made intraday low at 31181.65 and closed near to that 31200.05 with a loss of 262.65 points.
* Moreover, the index has formed Bearish Engulfing Candlestick which is bearish pattern suggest down side movement in the counter.
* On a daily chart, the stock has been trading between “Ichimoku Cloud” with negative crossover between conversion line and base line which shows the downside movement in the counter.
* Furthermore, the index has started to trade below 50 DMA which signifies weakness in the index.
* Based on the above technical structure, we are expecting a good support at 30900 while Upside resistance comes at 31650 level.
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