Banknifty declined by 95 points to settle at 31112.70 levels - Choice Broking
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Nifty Outlook
* Despite a gap up opening, the benchmark index has failed to sustain at higher levels, we saw the further correction during the day. The nifty index fell almost 0.5% in a day to close at 14280.05 levels.
* On the sectoral front, Nifty Pharma has performed well with a gain of 1.5% in a day. Stocks like DR.REDDY, BAJAJFINSERV, INDUSINDBANK, HADFCLIFE were the top gainers while ULTRAEMENT, HCLTECH, HDFC, GRASIM were the prime laggard.
* Technically, the nifty index has formed Bearish Marubozu Candlestick on the daily chart, which indicates more bearishness in the index for the near term.
* Moreover, the index has been hovering below 50 days EMA from the last couple of days and also trading below the neckline of Double Top pattern, which suggests more downside move below the levels of 14200.
* At present, the index may find immediate support at 14000 levels, while on the upside, 14500 would be the resistance zone.
Bank Nifty
* Onadaily chart, Banknifty declined by 95 points to settle at 31112.70 levels
* Furthermore, the Index has tested the 50% RL of its previous up move and formed dark cloud cover which suggest sustained below that can show downside movement.
* An Daily momentum indicator Stochastic has shown negative crossover which suggest weakness in the counter
* At Present in the Index has support comes at 30700 level while resistance comes at 32800 level
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