* The Nifty index ended the session on a very strong note and closed above the 10000 mark, settled at 10096.40 with gaining 111.60 points.
* On an hourly chart, the index had given a gap opening and taken a support of its 20-hours exponential moving average before showing the positive up move at the end.
* Moreover, the index has closed above the yesterday’s high value which is a positive sign for a further northward movement.
* A daily momentum indicator RSI reading is at 41.21, trending above the average line which points out for a positive breath in the index.
* Based on the above technical parameters, we are expecting a higher side resistance level at 10170-10200 while downside support comes at 10030 level.
Bank Nifty Outlook
* The market breadth was positive at the end, the BankNifty closed at 24361.25 with gaining 253.80 points.
* On a daily chart, the index had bounced back after testing a support of the 23.6% Fibonacci Retracement level, placed at 23963.
*Moreover, the index has breached above its 20 & 50 days exponential moving average and closed exact around the 50% Fibonacci Retracement level, placed at 24358.
* A daily momentum indicator RSI reading is at 51.33, showing a positive crossover which points out for a positive breath in the index.
* Based on the above technical parameters, we are expecting a higher side resistance level at 24715 while downside support comes at 24160 level.
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