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Nifty Outlook

* After a steep Gap down opening, the nifty index kept sliding down throughout the day and closed at 14631.10 level with a huge loss of 263.80 point.All the sectoral indices ended in red expect Nifty pharma (+1.34) while the top losers were Nifty Bank (-2.77%) & Nifty Financial services (-3.03%).

* Despite one-way fall in the market, a few stocks like ONGC, DIVISLAB, GRASIM, COALINDIA & lIOC have supported nifty with some gains while HDFC, HDFCBANK, ICICIBANK, KOTAKBANK & ASIANPAINT were the top losers.

* On the technical front, the Index has formed “Shooting Star Candlestick” formation on a weekly chart which suggests downside movement in the index.

* Furthermore, the index has given closing below the 50-day moving average, which points out weakness in the counter.

* Hourly Momentum Indicator MACD is also showing negative crossover which suggests further downside movement.

* At present, the nifty index has a support at 14400 levels while an upside resistance seems at 15000 levels.

Bank Nifty

* Ona daily chart, after a gap down opening ,the bank nifty closed at 32781.80 with a loss of 932.70 point.

* Furthermore, the index has given closing below the 21-Hourly moving average, which points out weakness in the counter

* Hourly Momentum Indicator MACD is also showing negative crossover which suggests further downside movement

* At Present in the Index has support comes at 32000 level while resistance comes at 33800 level

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