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Nifty Outlook

* After a positive opening, the Index made an intraday high at 14557.50 level, but didn’t manage to sustain ata higher level and managed to close at 14485 with a gain of 143.65 points.

* Among the sectoral indices, the nifty Metal (+2%) & Reality (2.8%) were the strongest gainer, while nifty pharma ended in red. Stocks like ICICIBANK, JSWSTEEL, AXISBANK& ULTRACEMCO were the market leaders for the day while HCLTECH, CIPLA, BRITANNIA & BPCL were the prime laggard.

* Onthe Technical Front, the index has been trading with lower highs and lower lows formation and bounced from the lower bottom of the same, which is a bullish sign.

* Amomentum indicator stochastic has given a positive crossover which points to a bullish run inthe counter.

* At present, the Nifty index has a support at 14350 levels while an upside resistance comes at 14800 levels.

Bank Nifty

* Ona daily chart, bank nifty opened on green note and managed to closed at 32275.15 witha gain of 552.85 points.

* Moreover, the index has given closing above 21&50 hourly moving averages, which suggests strength 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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