01-01-1970 12:00 AM | Source: Axis Securities Ltd
Nifty opened on a flat note but buying led the index upwards to close at record highs - Axis Securities
News By Tags | #5481 #879

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

https://t.me/InvestmentGuruIndiacom

Download Telegram App before Joining the Channel

Nifty

Nifty opened on a flat note but buying led the index upwards to close at record highs. Nifty closed at 17630 with a gain of 110 points.

On the daily chart index has formed a bullish candle and has closed above its previous session’s high indicating positive bias.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 17650 level it would witness buying which would lead the index towards 17700-17750 levels. However if index breaks below 17600 level it would witness selling which would take the index towards 17550-17500. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias.

The trend deciding level for the day is 17595. If NIFTY trades above this level then we may witness a further rally up to 17680-17730-17815 levels. However, if NIFTY trades below 17595 levels then we may see some profit booking initiating in the market, which may correct up to 17545-17460-17410 levels.

 

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 37669 with a gain of 816 points.

On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 37750 level it would witness buying which would lead the index towards 37900-38200 levels. However if index breaks below 37500 level it would witness selling which would take the index towards 37300-37100. Banknifty is trading above 20 and 50 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned positive and is above its reference line indicating sustained strength.

The trend deciding level for the day is 37430. If BANK NIFTY trades above this level then we may witness a further rally up to 37955-38245-38770 levels. However, if BANK NIFTY trades below 37430 levels then we may see some profit booking initiating in the market, which may correct up to 37145- 36620-36330 levels.

 

To Read Complete Report & Disclaimer Click Here

 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer