The nifty index has a support at 14650 levels while an upside resistance - Choice Broking
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Nifty Outlook
* Thelndex started the day ona positive note and made a high at 14984.15 levels during the day. The benchmark indices lost its early momentum during the second half of the session and witnessed the selling pressure and managed to close at 14873.80 with a gain of 54 points.
* On the sectoral front, Nifty Metal continued its bull rally and gained more than 4% while Banking & Financials witnessed some correction. The top gainers on the Nifty included JSWSTEEL, TATASTEEL, SHREECEM, TITAN and HINDALCO. Meanwhile, top losers were SBILIFE, SUNPHARMA, BAJFINANCE and SBIN. On the technical front, the Index has given the breakout of ahorizontal line which suggests upside movementin the counter.
* Moreover, the index has given closing above 21*50 Hourly Moving Average, which points out positive breadth in the counter. Daily Momentum Indicator Stochastic (6) has shown a positive crossover, which indicates strength in the counter.
* At present, the nifty index has a support at 14650 levels while an upside resistance comes at 15000 levels.
Bank Nifty
* While, Bank Nifty has closed the session into the negative territory at 32782 levels with an Over all loss of 208 points.
* Furthermore, the index has given closing below 21 Daily Average which points out weakness in the counter.
* Daily momentum indicator Stochastic (6) has shown a positive crossover, which indicates the strenght in counter.
* At Present in the Index has support comes at 32400 level while resistance comes at 33600 level.
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