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Nifty

* After a positive opening, the benchmark index lost its early gain and made an intraday low at 14707 levels. But during the second half of the session, the index bounced back and managed to close above 14800 levels.

* Sectoral indices like Nifty Bank & Financial Services have played a supporting role to hold the index gains for the day. The top gainers on the Nifty included SHREECEM, ULTRACEMCO, TITAN and AXISBANK. Meanwhile, top losers were HINDALCO, ONGC, POWERGRID and ITC. Technically, the Index has been trading with higher high & higher bottom formation on an hourly chart which indicates robust movement in the counter.

* Furthermore, the Index has given closing above 21-Hourly Moving Averages as well as an oscillator stochastic also showed positive crossover, which indicates northward journey inthe counter.

* At present, the nifty index has an immediate resistance at 14900 levels while downside supportis shifted up to 14600 levels.

Bank Nifty

* Even the Bank Nifty index gave a very good upside move and settled at 34184.40 level with the gain of 580.95 points

* Moreover, the Index has given closing above 21-Hourly Moving which suggests an upside rally for the upcoming session.

* Furthermore, an oscillator stochastic also showed positive crossover, which indicates reversal for the near term.

* At Present in the Index has support comes at 33300 level while resistance comes at 34500 level.

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