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Nifty Outlook

* After Gap down opening, the markets kept sliding down and made an intraday low at 14191.45 levels, but we have seen a pull back and the index managed to close at 14359.45 levels with a loss of 258.40 points.. The volatility index India VIX jumped 10.25 percent, indicating investors are worried about the alarming rise in coronavirus cases in the country.

* Allthe sector indices ended weak, with Nifty PSUBANK (4.1%) &Nifty REALTY (4%) being the top losers. Despite one-way fall in the market, a few stocks, like DRREDDY, BRITANNIA, INFY, CIPLA & WIPRO have supported nifty with some gains while ADANIPORT, POWERGRID, INDUSINDBK & KOTAKBANK were top losers.

* Onthe Technical Front, the Index has tested the 61.8% FRL of its previous up move and formed Hammer Candlestick Pattern which suggests a strong bounce back move in the counter.

* Moreover, the index has taken support of 100-Exponential Daily Moving Averages as well as an hourly momentum indicator Stochastic has bounced from oversold zone with a positive crossover which points out strength for the upside.

* At present, the index has an immediate support at 14150 levels, while on the higher side it may find resistance around 14500 levels

Bank Nifty

* Onadaily chart,the bank nifty closed at 31208.40 with aloss of 769.05 points.

* Furthermore, the Index has tested the 50% RL of its previous up move and formed Hammer Candlestick Pattern which suggests a strong bounce back move in the counter.

* An hourly momentum indicator Stochastic has bounced from oversold zone with a positive crossover which points out strength for the upside.

* At Present in the Index has support comes at 31500 level while resistance comes at 32800 level

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