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Nifty Outlook:

The Nifty index opened on a positive note, witnessed continued buying interest, and eventually settled the day on a bullish note at 25,876. Technically, on the daily chart, Nifty formed a green candle, indicating strength. Immediate support for the index is placed near 25,700, while major support is seen around 25,450. As long as Nifty holds above 25,450, traders are advised to adopt a buy-on-dips strategy. On the upside, 26,100 will serve as the major resistance for the index in the short term

Bank Nifty Outlook:

The Bank Nifty index opened on a gap-up note, witnessed profit booking, and settled the day on a positive note at 58,275. Technically, on the daily chart, the Bank Nifty index has formed a Bearish Opening Marubozu candle, indicating strong selling pressure near the 58,500- 58,580 zone. Immediate support for the index is placed near 57,590. Thus, in the short term, the Bank Nifty index is likely to consolidate within the 57,590-58,580 band. A decisive breakout on either side will determine the next directional move for the index.

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