The nifty index has an immediate resistance at 15150 levels - Choice Broking
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Nifty Outlook
*After anegative opening, the index has continued the downside move throughout the day, but during the last hours of the closing, the benchmark index has recovered some losses and managed to close at 14929.50 levels with the loss of 100 points.
*All the sectoral indices traded in the red expect Nifty IT & Metal, which have provided Supporting hands to index recovery. Stock specific, JSWSTEEL, TECHM, TATASTEEL & POWERGRID were the top gainers while DIVISLAB, BAJAJFINSERV, COALINDIA, HEROMOTO were the prime laggards.
*Technically, the nifty index has tested Horizontal Line & 50 days Simple Moving Averages and pulled back from there, which indicates immediate support zone for the near term.
*Moreover, on an hourly chart the index has reversed from Lower Bollinger Band formation, which suggests a reversal in the counter.
*At present, the nifty index has an immediate resistance at 15150 levels while downside Support comes at 14750 levels.
Bank Nifty Outlook
*OnaDaily Chart, bank nifty has settled at 35182.55 levels with almost 1% fall.
*Moreover, Index has given closing Below 21 HMAwhich points out weakness in the index.
*Moreover, on an hourly chart the index has reversed from Lower Bollinger Band formation,which suggests a reversal in the counter.
*At Present in the Index has support comes at 34800 level while resistance comes at 36500 Level.
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