"Nifty might revert back to its short-term moving average of 20EMA i.e. around 10,325 which might work as immediate hurdle zone," says Rajesh Agarwal of AUM Capital.

AUM Capital

Sensex, Nifty rose on Wednesday, with financial stocks accounting for nearly half the gains, while investors awaited the outcome of the US Federal Reserve policy meet later in the day. In the global markets, a hush settled over financial markets on Wednesday as investors waited to hear how often the Federal Reserve might hike interest rates this year, while the currencies of exporting nations were rattled by fears of a full-blown trade war.

Technical Outlook

Nifty

Nifty opened with gap-up but failed to hold higher levels and closed with marginal gains of 30.90 points. It has formed 'Inverted Hammer' followed by Piercing Line candlestick pattern on the daily scale indicating a short-term trend reversal. Till it holds 10,000 marks decisively, bounce back from lower levels cannot be ruled out.

Nifty might revert back to its short-term moving average of 20EMA i.e. around 10,325 which might work as immediate hurdle zone.

Bank Nifty

Nifty Bank has formed two consecutive 'Inverted Hammer' candlestick pattern around demand zone of 24,000 levels suggesting a possibility of a short-term trend reversal. Till it holds 24,000 levels decisively, the pullback from current level cannot be ruled out. Strong support is seen around 23,800 levels i.e. 38.2 percent Retracement levels.

On the hourly chart, Oscillators like RSI & MACD has formed positive divergence & rising from the oversold zone which is a bullish sign.

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