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Nifty

Nifty opened with an upward gap and witnessed selling for the first hour of the session. However pullback action pulled the index higher to close near the day's high. On 24th April, Nifty closed at 17743 with a gain of 119 points. On the daily chart the index has formed a bullish candle with a long lower shadow indicating buying at lower levels. 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 17800 level it would witness buying which would lead the index towards 17900-18000 levels. Important Support for the day is around 17700 however if index sustains below 17700 then it may witness profit booking which would take the index towards 17600-17500 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 has turned positive from the 50 level mark and is above its reference line indicating positive bias. The trend deciding level for the day is 17705. If NIFTY trades above this level then we may witness a further rally up to 17795-17845-17935 levels. However, if NIFTY trades below 17705 levels then we may see some profit booking initiating in the market, which may correct up to 17650-17560-17510 levels.

Banknifty

Banknifty opened with an upward gap and witnessed selling for the first hour of the session. However pullback action pulled the index higher to close on a positive note. On 24th April, Banknifty closed at 42636 with a gain of 518 points. On the daily chart the index has formed a bullish candle with a lower shadow indicating buying at lower levels. 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 42800 level it would witness buying which would lead the index towards 43000-43100 levels. Important Support for the day is around 42500 however if index sustains below 42500 then it may witness profit booking which would take the index towards 42300-42200 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 42540. If BANK NIFTY trades above this level then we may witness a further rally up to 42810-42985-43255 levels. However, if BANK NIFTY trades below 42540 levels then we may see some profit booking initiating in the market, which may correct up to 42365-42095-41920 levels

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