Nifty index has a support at 14150 levels while an upside resistance comes at 14500 levels - Choice Broking
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Nifty Outlook
* After a gap down opening, the market picked up pace during the second half and ended the day strongly at 14406.15 with a gain of 109.75 the points.
* Meanwhile Nifty Bank, Financial Service & Metal were the top sectoral gainer, while Nifty FMCG showed profit booking. Stocks like ICICIBANK, JSWSTEEL, WIPRO & TATASTEEL were the market leaders for the day while TITAN, SHREECEM, TATACONSUMER & HINDUNILVR were the prime laggard.
* Onthe Technical Front, index has been trading with lower highs and lower lows formation and tested the lower bottom of the same, suggest an upside rally.
* Furthermore, the index has confirmed the “Piercing Candlestick” which is a reversal formation suggests strength for upside in the counter.
* At present, the Nifty index has a support at 14150 levels while an upside resistance comes at 14500 levels.
Bank Nifty
* Onadaily chart, While Bank nifty also given positive closing at 31782.60 levels
* Furthermore, the Index has tested the 50% RL of its previous up move and formed Bullish Engulfing candle which suggest upside movement in the index.
* An hourly MACD indicator has given a positive crossover which points to a bullish run in the counter
* At Present in the Index has support comes at 31000 level while resistance comes at 32800 level.
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