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Nifty Outlook

* The Index Begins FY22 on a positive note, but in the first half of the session we saw profit booking from the top and made an intraday low at 14692.45, but we witnessed a sharp recovery as nifty surpassed its day high and managed to close at 14867.35 with a gain of 176.65 points.

* All the sectoral indices ended in a green note expect NIFTY FMCG. Whereas NIFTY METAL showed an enormous gain of 6%. The top gainers on the Nifty included JSWSTEEL, HINDALCO& TATASTEEL. Meanwhile, top losers were HINDUNILVR, NESTLEIND, TCS and HDFC Bank.

* On the technical front, the Index has given confirmation of Bullish Harami Candlestick, which is a bullish reversal pattern which suggests an upside movement in the counter.

* At present, the nifty index has a strong support at 14500 levels while an upside resistance comes at 14900 levels, and crossing above it can show 15000-15100 levels.

Bank Nifty

* On a Daily Chart, Bank nifty closed at 33858 with a gain of 554 points.

* Furthermore, the index has been trading with a positive crossover of 21*50 Hourly Moving Average, which shows a positive rhythm in the counter.

* At Present in the Index has support comes at 33000 level while resistance comes at 34300 Level.

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