The nifty index has strong support at 14800 levels while upside resistance - Choice Broking
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Nifty Outlook
* Overall, itwas a profitable week for the nifty as the index started a week on a positive note and showed good recovery from the lower levels consecutively four trading session’s made a weekly high of 15273 levels on Wednesday.
* However, in the last trading sessions of the week bear came into action and we noticed some correction in the index. Finally, the nifty settled at 14938.10 levels with a weekly gain of 2.8%.
* Technically, the nifty index has been trading in a bullish trend with Higher Highs & Higher Lows formation.
* Moreover, the index is continuously hovering above the Simple Moving Averages, which indicates a bullish strength for the near term. A stochastic oscillator is still trading in a positive direction, which is another confirmation of bull-run.
* At present, the nifty index has strong support at 14800 levels while upside resistance has shifted up to 15250 levels.
Banknfity
* On a daily chart, Banknfity has settled at 35275.75 levels with a moderate gain of 47 points.
* Moreover, Index has given closing below 21*50 HMA with a negative crossover which points out weakness in the index.
* Furthermore, Hourly Momentum indicator RSI is reading below 50 Level which further add negative bias in counter.
* At Present in the Index has support comes at 34800 level while resistance comes at 36000 Level.
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