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Nifty

The Nifty50 on 17th April opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Nifty closed at 17707 with a loss of 121 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 hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17800 levels it would witness buying which would lead the index towards 17900-18000 levels. Important Support for the day is around 17600 However if index sustains below 17600 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 17715. If NIFTY trades above this level then we may witness a further rally up to 17855-18005-18145 levels. However, if NIFTY trades below 17715 levels then we may see some profit booking initiating in the market, which may correct up to 17565-17425-17275 levels.

Banknifty

Banknifty opened with an upward gap but witnessed selling from the opening tick however pullback action pulled the index higher to close on a positive note. Banknifty closed at 42263 with a gain of 130 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 hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 42350 level it would witness buying which would lead the index towards 42500-42600 levels. Important Support for the day is around 42200 However if index sustains below 42100 then it may witness profit booking which would take the index towards 42000-41800 levels.. Banknifty is trading above 20, 50, 100 and 200 day SMA 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 42220. If BANK NIFTY trades above this level then we may witness a further rally up to 42645-43025-43450 levels. However, if BANK NIFTY trades below 42220 levels then we may see some profit booking initiating in the market, which may correct up to 41840-41415-41035 levels

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