The nifty index has taken immediate resistance at Upper Bollinger Band formation - Choice Broking
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Nifty
*It was a dull trading session as after a negative opening; the nifty index traded into a narrow range for the day and managed to settle at 14693.05 levels with the loss of 1.02%.
*On the sectoral front, Nifty FMCG & Nifty Metal have contributed some gains while Nifty IT & Capital Goods witnessed profit booking. Stocks like GAIL, UPL, TATAMOTORS, GRASIM were the top gainers while HDFCBANK, HDFC, TECHM became the prime laggards for the day.
*Technically, the nifty index has taken immediate resistance at Upper Bollinger Band formation and shifted below 100 Exponential Moving Averages on an hourly chart, which suggests a downward move for the upcoming session.
*Atpresent, Nifty is finding support at 14550 levels, whereas resistance is placed at 14900 levels
Bank Nifty
*On the daily charts, while Banknifty slipped more than 500 points in a day to close at 33303.09 level
*Furthermore, the Index has given closing below its 21-Hourly Moving Average, which suggests weakness in the index.
*At Present in the Index has support comes at 33000 level while resistance comes at 34300 level.
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