The 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 negative opening, the benchmark index showed some early gains but failed to sustain at higher levels and managed to close at 14341.35 levels with the loss of 64 points. On the sectoral front, good action has been noticed in Nifty Smallcap & Midcap indices, both have closed at green notes; rest of the indices showed some loss for the day.
* Stocks like POWERGRID, NTPC, AXISBANK, SBILIFE were the top gainers while DRREDDY, BRIATNNIA, GRASIM were the loser for the day.
* Technically, the nifty index has been finding resistance at Middle Bollinger Band & 50 days Exponential Moving Averages.
* However, in the prior session, the nifty has formed Piercing Candlestick pattern, which shows reversal in the counter. Moreover, an oscillator stochastic is also trading near its oversold zone.
* At present, the Nifty index has a support at 14150 levels while an upside resistance comes at 14500 levels.
Bank Nifty
* Ona daily chart, Bank nifty opened on upside but later showed profit booking and closed at 31722 with a moderate loss of 60 points.
* Furthermore, the Index has tested the 50% RL of its previous up move and confirmed 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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