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Nifty Outlook:

The Nifty index opened on a flat note, witnessed both-side volatility, and eventually settled the day on a flat note at 25,763. Technically, on the daily chart, Nifty found support around its previous breakout point and formed a green candle, indicating buying interest near the demand zone. If the index holds above 25,645, a relief rally could be possible; however, a sustained move below 25,645 may extend weakness towards 25,450–25,400 levels, where the next major demand zone is placed. On the higher side, 26,100 continues to act as stiff resistance. As long as Nifty remains below this level, any bounce should be used for booking profits.

Bank Nifty Outlook:

The Bank Nifty index opened on a flat note, witnessed buying interest, and settled the day on a bullish note at 58,101. Technically, on the daily chart, the Bank Nifty index formed a bullish engulfing candlestick pattern near its recent breakout point, reflecting strength. On the downside, immediate support for Bank Nifty is seen near 57,630. As long as the index holds above this level, it could attempt to test the recent high of 58,580. Thus, short-term traders are advised to buy near 57,630 and book profits near 58,580 levels.

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