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Nifty Outlook:

The Nifty index opened on a positive note, maintained buying interest, and eventually settled the day on a positive note at 26,054. Technically, on the daily chart, Nifty crossed the high of the Doji candle and formed a bullish candle, reinforcing strength. However, the index is still placed below the recent high of 26,100. A firm break above 26,100 will open the doors for 26,280, where the previous all-time high is located. On the downside, 25,800 and 25,670 will serve as key supports. As long as the index holds above 25,670, traders are advised to adopt a buy-on-dips strategy.

Bank Nifty Outlook:

The Bank Nifty index opened on a positive note, continued buying interest, and settled the day on a positive note at 58,385. Technically, on the daily chart, the Bank Nifty index formed a small green candle with a long upper shadow, reflecting buying interest at lower levels. On the downside, major support for Bank Nifty is seen near 57,630, while the immediate hurdle is positioned around 58,580. If the index crosses the hurdle of 58,580 decisively, the rally could extend towards 59,000 levels. Thus, short-term traders are advised to continue a buy-on-dips strategy in Bank Nifty as long as it holds above 57,630 levels.

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