IGI Logo

Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end on a flat note. Nifty closed at 19681 on 25th July with a gain of 8 points.

On the daily chart the index has formed a bearish candle with a lower shadow indicating buying at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 19750 level it would witness buying which would lead the index towards 19800-19900 levels. Important Support for the day is around 19600 However if index sustains below 19600 then it may witness profit booking which would take the index towards 19500-19400 levels. Nifty is trading above 20, 50, 100 and 200 day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

The daily strength indicator RSI continue to remain flat and is below its reference line indicating absence of momentum on either side

The trend deciding level for the day is 19675. If NIFTY trades above this level then we may witness a further rally up to 19735-19790-19850 levels. However, if NIFTY trades below 19675 levels then we may see some profit booking initiating in the market, which may correct up to 19620-19560-19510 levels.

Bank Nifty

Banknifty opened with an upward gap but witnessed selling from the opening tick to close on a negative note. Banknifty closed at 45845 on 25th July with a loss of 78 points.

On the daily chart the index has formed a bearish candle with a lower shadow indicating buying at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 46000 level it would witness buying which would lead the index towards 46100-46200 levels. Important Support for the day is around 45700 However if index sustains below 45700 then it may witness profit booking which would take the index towards 45600-45500 levels. Banknifty is sustaining above its 20, 50, 100 and 200- day SMA which signals bullish sentiments in near 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 continue to remain flat and is below its reference line indicating absence of momentum on either side.

The trend deciding level for the day is 45875. If BANK NIFTY trades above this level then we may witness a further rally up to 46125-46410-46660 levels. However, if BANK NIFTY trades below 45875 levels then we may see some profit booking initiating in the market, which may correct up to 45595-45340-45060 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