The nifty index has a support at 14400 levels while an upside resistance seems at 14800 levels - Choice Broking
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Nifty Outlook
* After a gap down opening, the index showed some pullback and continued to trade into the range for the day. Finally, the nifty index managed to close on a flat note with a marginal gain of 0.09%. On the sectoral front, BSE SmallCap, FMCG & Metal were in action while Oil & Gas, Consumer Goods and Banking were the loser for the day. Stock specific moves have been noticed in the market like ADANIPORTS, BHARTIAIRTEL, TATASTEEL, HUL, MARUTI etc. While on the other hand, there was some weakness in TITAN, INDUSINDBANK, AXISBANK & RELIANCE.
* Technically, the nifty has closed near to Middle Bollinger Band & 21 days Simple Moving Averages, which could be an immediate hurdle for the index.
* Moreover, the index has indicated negative crossover on the daily chart, which suggests some weakness for the near term.
* At present, the nifty index has a support at 14400 levels while an upside resistance seems at 14800 levels.
Bank Nifty
* Ona daily chart, after a gap down opening , Banknifty settled in red at 32465.75 levels with a loss of 316 points
* Furthermore, the index has formed Bullish Marabozu in Hourly Chart which suggest strength for upside
* Daily Momentum Indicator MACD is also showing positive crossover which suggests further upside8m movement
* At Present in the Index has support comes at 32000 level while resistance comes at 33800 level
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