Nifty opened with an upward gap and remained lackluster within narrow trading range - Axis Securities Ltd
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 with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 17108 with a gain of 119 points.
On the daily chart index has formed a small bullish candle and has closed above its previous session's high representing positive bias ahead. 16850-16700 is a crucial support zone as it’s a confluence of the lower band of medium term falling channel from all time high and low of Oct-Sep 2022. The chart pattern suggests that if Nifty crosses and sustains above 17200 level it would witness buying which would lead the index towards 17300-17400 levels. Important Support for the day is around 17000 However if index sustains below 17000 then it may witness profit booking which would take the index towards 16900-16800 levels.. Nifty is trading below its 20, 50, 100, and 200-day SMA which indicates negative bias in the medium term. Nifty continues to remain in a downtrend in the medium term, so selling on rallies continues to be our preferred strategy
The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating a bargain buying can’t be ruled out in a short term.
The trend deciding level for the day is 17085. If NIFTY trades above this level then we may witness a further rally up to 17150-17195-17265 levels. However, if NIFTY trades below 17085 levels then we may see some profit booking initiating in the market, which may correct up to 17040-16970-16930 levels.
Bank Nifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 39895 with a gain of 533 points.
On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower levels. Index is holding crucial support of 38500 levels. The chart pattern suggests that if Nifty crosses and sustains above 40000 level it would witness buying which would lead the index towards 40200-40400 levels. Important Support for the day is around 39700 However if index sustains below 39700 then it may witness profit booking which would take the index towards 39600-39400 levels. Banknifty is trading below 20, 50 and 100 day SMA indicating negative bias in the short to medium term. Banknifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
The daily strength indicator RSI has turned positive from oversold and is above its reference line indicating bargain buying can’t be ruled out.
The trend deciding level for the day is 39745. If BANK NIFTY trades above this level then we may witness a further rally up to 40120-40350-40725 levels. However, if BANK NIFTY trades below 39745 levels then we may see some profit booking initiating in the market, which may correct up to 39515-39140-38910 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
