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* During Friday treading session, Index opened at 11612.85 after that the index traded in range bound movement B/W the range of 11627-11585, however during 2nd half of the trading session, bullish movement was seen in Index and made high at 11657.35.
* On a daily chart, the Index is forming Descending Triangle formation and the price is near to give breakout of the same which sign positive strength in the index.
* Moreover, the Index has recently taken a support of its 21 Days Moving Average which suggests a bounce back movement in the Nifty.
* Based on the above technical structure, we are expecting that the Nifty face a strong resistance at 11690 while downside support comes at 11550.
Bank Nifty Outlook
* The BankNifty Index ended with positive note on Friday, closing day at 29938.50 the day with a net profit of 92.45 points (0.31%).
* On a daily chart, the Index has been trading in a Flag Formation which is a continuation formation and suggests an upside movement if the Index gives a breakout of the same.
* Moreover, the Index has recently taken a support of its 21 Days Moving Average which suggests a bounce back movement in the BankNifty.
* Based on the above technical structure, we are expecting that the BankNifty may face a strong resistance at 30360 while downside support comes at 29770.
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