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Nifty Outlook

*After a positive opening, the benchmark index lost its early gain and moved towards the downtrend, making a low at 14953.60 levels. But during the closing hours, the index showed some pull back and managed to close above 15000 levels at 15030.85 levels with aloss of 1%.

*All of the sectoral indices erased their early gains and closed on a negative note. Despite volatile momentum in the index, a few stocks like |OC, BPCL, POWERGRID and JSWSTEEL performed well for the day.

*Technically, The Index has formed Bearish Engulfing Candlestick formation on a daily chart, which is a bearish reversal pattern which suggests a southward movementin the Index.

*Moreover, the index has given its close below the 20-day Moving Average, which suggests weakness during the upcoming trading sessions.

*At present, the index has immediate support at 14800 levels while upside resistance comes at 15350 levels.

Bank Nifty Outlook

*Onadaily Chart, The banknifty has settled at 35496.65 levels with a loss of 441 points.

*Moreover, Index has given closing Below 21 HMAwhich points out weakness in the index.

*Technically, The Index has formed Bearish Engulfing Candlestick formation on a daily chart, which is a bearish reversal pattern which suggests a southward movementin the Index.

*At Present in the Index has support comes at 35400 level while resistance comes at 36500 Level.

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