* The Nifty50 opened at 12,021.10, which was also an intraday high, and remained highly volatile during the day. The index touched a day's low of 11,946.85, but immediate recover from its days low & remain positive and close 46 points higher at 12,012.
* On a daily chart, the Index has formed “Dragonfly Doji candlestick” pattern, which suggest a northward movement in a Index.
* Furthermore, the Index has been trading above its 21 & 50 hours “Simple Moving Average” which show positivity in the Index.
* A daily momentum indicator RSI reading is at 72.35 level with a positive crossover which points out for a positive breath in the Market.
* Based on the above technical structure, we are expecting that the Nifty may face strong resistance 12060 while downside support comes at 11840 level.
Bank Nifty Outlook
* During Yesterday treading session, Index opened above the previous day high at 30821.35 is likely to test all-time highs of 31,780 however during 2nd half of the trading session, the index traded in range bound movement B/W 30519 – 30718 and finally settled at 30633.15
* On an hourly chart, the Index has retreated from upper “Bollinger Band” formation which indicates further downside in the Index.
* Moreover, the Index has been trading above its 21 & 50 hours “Simple Moving Average” which show positivity in the Index.
* 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 that the BankNifty may face strong resistance 30820 while downside support comes at 30340 level.
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