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Nifty Outlook

*After a positive opening, the nifty index has traded into the narrow range for the day, but during the last hours of the closing we have noticed some correction in the index, and it has settled at 14617.85 levels.

*Onthe sectoral front, almost all of the indices closed on a positive note with the average gains of 1.5% whereas Nifty Pharma was the top gainer for the day. Stocks like WIPRO, HINDALCO, ASIANPAINTS, ULTRATECH, TATAMOTORS were the market leaders for the day while ICICIBANK, LARSEN, TCS, JSWSTEEL were the prime laggard.

*Technically, the benchmark index has failed to sustain above 50 days Exponential Moving Averages, which acts as immediate resistance zone.

*Moreover, an indicator MACD has also indicated negative crossover, which suggests bearishness for the near term.

*At present, the index has an immediate support at 14250 levels, while on the higher side it may find resistance around 14700 levels.

Bank Nifty

*Onadaily chart, Banknifty has closed at 31977.45 levels with a loss of 135 points.

*Moreover, an indicator MACD has also indicated negative crossover, which suggests bearishness for the near term.

*At Present in the Index has support comes at 31500 level while resistance comes at 32800 level

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