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* The index opened sharply higher at 12071.25, and made intraday high, but immediately fell and remained volatile throughout the session. It closed at -24.80 points lower at 12018.40 on Thursday.
* On a daily chart, the Index has been formed Bearish candle with above average volume activity which shows negative in the Index.
* Moreover, Price has shifted above “Ichimoku Cloud” where TenkanSen has crossed KijunSen, which indicates bullish signals for near term.
* The MACD indicator on daily basis has given negative crossover which points out for a negative trend in the Index.
* Based on the above technical structure, it seems that the Nifty might play its game between the range of 11935-12095
Bank Nifty Outlook
* The benchmark Bank Nifty Index ended with negative note on Thursday, closing day at 31712.95 the day with a net loss of -362.90 points (-1.13%).
* On a daily chart, the Index has formed “Bearish Candlestick” with above average volume activity which suggests an upside movement in the Index.
* Even on an hourly chart, the stock is bouncing back after taking a strong support of around 31588 level which is 50.00 % retracement level of its previous move from 31049 level to 32126 level which suggests a positive move in the index.
* A momentum indicator RSI and MACD both have shown negative crossover on the daily chart which adds more bullishness to the price
* Based on the above technical structure, we are expecting a downside movement in the index up to the level of 31461 while upside resistance comes at 32026.
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