The nifty has an immediate support at 14250 levels - Choice Broking
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Nifty
*After a positive opening, the nifty index continued the upside move for the day and managed to close at 14518.25 levels with the gain of 193 points.
*All the sectoral indices traded at green notes, whereas Nifty Metal performed outstanding with the gain of 3.8%.
*The most active counters like TATASTEEL, TATAMOTORS, BAJAJ FINANCE helped out with index gains. On the other hand, a few stocks like UPL, ITC, POWERGIRD, HCLTECH witnessed some correction for the day. Technically, on the daily chart, the index has been trading near the neckline of Double Top formation, which is a bearish pattern.
*However, the stochastic oscillator slightly recovered from the oversold zone with positive crossover.
*At present, the nifty has an immediate support at 14250 levels while upside resistance is shifted up to 14800 levels. If the index sustains below the levels of 14250, then downsides could be seen till 14000 levels.
Bank Nifty
*Onthe daily charts, Banknifty has settled at 33318.20 levels with almost 1% gains in a day.
*Moreover, the stock has been trading below its 21 Days Moving Average which is placed at 34444 level which shows negative momentum in the stock.
*Furthermore, The MACD indicator on daily basis has given negative crossover which points out for a negative trend in the Index.
*At Present in the Index has support comes at 32700 level while resistance comes at 34000 level.
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