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Nifty

*After along weekend, the benchmark Index started the day on a positive note and jumped up to the 14876.30 levels during the day. Positive global cues and encouraging signals on economic recovery boosted the bull sentiments. Today the index has tested its major resistance at 14870 & showed slight selling pressure from this level & managed to close at 14845.10 with a gain of 338 points.

*All the sectoral indices traded in a green note, whereas NIFTY IT inched up 3.8%. The top gainers on the Nifty included UPL, JSWSTEEL, INFY and TATASTEEL. Meanwhile, top losers were M&M, SBILIFE, BHARTIAIRTEL and HINDALCO.

*On the Technical Front, The Index has Confirmed "BULLISH HARAMI" Candlestick, which is a reversal pattern which suggests a northward journey in the index.

*At present, the nifty index has a strong support at 14500 levels while an upside resistance comes at 14900 levels

Bank Nifty

*Onthe daily charts, While, Bank nifty closed at 33875.10 with a gain of 556 points.

*Furthermore, the Index has been trading above its 21-Hourly Moving Average, which suggests that the index has a great potential to move further.

*Moreover, momentum indicator RSI (14) has bounced from the oversold levels and hasstarted accelerating which indicates expectation of upper levels in the near term.

*At Present in the Index has support comes at 33000 level while resistance comes at 34300 level

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