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* The index has opened on gap up note and made a intraday high at 8032.30 levels but showed volatile movement and made a intraday low at 7512.65 levels but managed to closed with a gain of 2.51% at 7801.65.
* On a Daily chart, Nifty has formed Doji Candlestick Pattern which suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur.
* Maximum Call Open Interest (OI) of 11.29 lakh contracts was seen at the 8,000 strike price. It will act as a crucial resistance level for the March series as well Max Put OI has been seen at 7500 which will act Crucial Support level.
* The Daily momentum indicator RSI(14) is trading at 22.43 as positive divergence has been seen crossing above 30 level can show some upside movement.
* Based on the above technical structure, we are expecting a sideways to bullish move till 8200 with the support of 7500.
Bank Nifty Outlook
* The Index has opened on green note and made a intraday high at 17799.40 levels and showed volatile session and closed with moderate gain of 1.12% at 17107.30 levels.
* On a daily chart, Bank Nifty has formed Hammer Candlestick which is reversal pattern suggest a bounce back in Index.
* Moreover, on an hourly chart, the price are facing resistance from 21 Hourly Simple Moving Average crossing above it can show upside movement.
* In addition, momentum indicator RSI(14) reading at 37.45 levels as well as bullish divergence has been seen which points out for strength in the index.
* Based on the above technical structure, we are expecting a sideways to bullish trend resistance comes at 19000 levels & support comes at 16000 levels.
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