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Nifty

Nifty opened on a flat note and remained in a small range throughout the day. On 20th April, Nifty closed at 17624 with a gain of 6 points. On the daily chart index has formed a bearish candle however it remained restricted within past three session's HighLow range indicating absence of strength on either side. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17700 level it would witness buying which would lead the index towards 17800-17900 levels. Important Support for the day is around 17550 However if index sustains below 17550 then it may witness profit booking which would take the index towards 17500-17400 levels. Nifty is trading above 20, 50 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 continues to remain flat and is below its reference line indicating absence of momentum on either side The trend deciding level for the day is 17630. If NIFTY trades above this level then we may witness a further rally up to 17680-17730-17780 levels. However, if NIFTY trades below 17630 levels then we may see some profit booking initiating in the market, which may correct up to 17580-17530-17480 levels

Banknifty

Banknifty opened with an upward gap and remained lackluster within a narrow trading range throughout the day. On 20th April, Banknifty closed at 42270 with a gain of 116 points. On the daily chart index has formed a bullish candle however it remained restricted within previous three session's High-Low range indicating absence of strength on either side. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 42400 level it would witness buying which would lead the index towards 42600-42700 levels. Important Support for the day is around 42100 However if index sustains below 42100 then it may witness profit booking which would take the index towards 42000-41800 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 42250. If BANK NIFTY trades above this level then we may witness a further rally up to 42395-42520-42665 levels. However, if BANK NIFTY trades below 42250 levels then we may see some profit booking initiating in the market, which may correct up to 42125-41985-41855 levels.

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