Bank Nifty has closed into the negative territory at 34804.60 levels - Choice Broking
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Nifty Outlook
* After a positive opening, the nifty index has traded in a narrow range for the day and settled at 14910.45 levels with a moderate loss of 19.05 points.
* Stocks like ASIANPAINT, DRREDDY, HCLTECH and HINDUNILVR were among the top gainers while TATASTEEL, CIPLA and LT were the top losers for the day. On the sectoral front, Nifty IT, FMCG and Consumption Showed Strength while Banking & Financials witnessed some correction.
* Technically, the index has traded below its 21-days Moving Averages, which suggest some weaknessin the countfoer rth e near term.
* Moreover, The MACD indicator on daily basis has given negative crossover, which points out for a negative breath in the index.
* At present, the index has a strong resistance at 15060 levels while downside support comes at 14750 levels.
Bank Nifty
* Bank Nifty has closed into the negative territory at 34804.60 levels with an overall loss of 377.95 Points.
* Moreover, Index has given closing Below 21 HMAwhich points out weakness in the index.
* On a daily Chart, Index has formed bearish Marabozu candlestick pattern which suggest Southward journey in the index.
* At Present in the Index has support comes at 34400 level while resistance comes at 36000 Level
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