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Nifty Outlook

* After a positive opening, the index slipped to the levels of 14574 in early hours, but it bounced back from the bottom & made an intraday high at 14779 levels, closed the session at 14683.50 with a gain of 45 points. On the sectoral front, Nifty Pharma & Nifty Metal have played a supporting role to hold the index gains for the day. The top gainers on the Nifty included ADANIPORT, TATACONSUMER, JSWSTEEL, ASIANPAINT and SBILIFE. Meanwhile, top losers were POWERGRID, EICHERMOT, GRASIM and AXISBANK.

* On the technical front, on an Hourly Chart, the index has been trading in ‘Ascending Triangle Pattern’ which indicates an accentuate buying activity.

* 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 Outlook

* On a Daily Chart, Bank nifty has settled at 32501.35 levels with the loss of 177 points.

* Furthermore, the index has been taken support of 100 Daily Average, sustained above it can show upside movement.

* Hourly momentum indicator Stochastic (6) has shown a positive crossover, which indicates strength in counter.

* At Present in the Index has support comes at 32400 level while resistance comes at 33600 level.

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