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* Nifty closed the day on negative note on Thursday, settled at 10,821.60 with a loss of 33.55 points or 0.31 percent.
* Nifty saw consolidation throughout the session gradually drifting lower and hit a day’s low of 10801.80, pointing out the sideways movement in the Index.
* Moreover, MACD indicator is trading above its average line which points out for a positive movement in the Index.
* With the ongoing structure, we are expecting the index to find resistance at 10,960 level while downside support comes at 10,750 leve.
Bank Nifty Outlook
* Bank Nifty Index opened at 27,713.55 and went down to an intraday low of 27,488.20 and ended the session at 27,528.55, with a loss of 191.85 points or 0.69 percent.
* On a daily chart, Bank Nifty has formed “Hanging Man” candlestick, which suggest bulls may loose strength for the time being.
* Furthermore, MACD indicator is trading above its baseline line with a positive crossover which points out for a positive movement in the Index.
* Going forward, during the day we expect the index to find resistance at 28,830 level, whereas support is likely to be placed at 27,300 level.
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