The index has formed Evening Star Candlestick formation which is a Reversal formation - Choice Broking
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Nifty Outlook
* On a daily chart, the index has formed Evening Star Candlestick formation which is a Reversal formation and indicates weakness in the index.
* Furthermore, the index has given a breakout of its Lower Band of Upward Rising Channel formation which indicates southward movementin the index.
* However, the index has been trading above its 20 Days Moving Average which shows a positive trend for the time being.
* A daily momentum indicator RSI reading is at 66 level above its 50 mark which points out for a positive breath in the index.
* Based on the current scenario, the index has strong support at 15000 while upside it has resistance at 15300-15500.
Bank Nifty Outlook
* On an hourly chart, the index has given a breakout of its Lower Band of Rising Wedge formation which shows a weakness in the counter.
* However, the index has strong support of its 50 Hourly Moving Average which shows a positive trend for the time being.
* Even the index has strong support zone of its previous top which was placed at 36500 level which shows a bounce back movement.
* Adaily momentum indicator RSI reading is at 66 level above its 50 mark which points out for a positive breath in the index.
* Based on the current scenario, the index has strong support at 36500-36000 while upside it has resistance at 37400-37600.
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