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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 17812 with a gain of 90 points. On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. The index closes above the medium term falling channel, sustaining above the same will change the trend positive. The chart pattern suggests that if Nifty crosses and sustains above 17850 level it would witness buying which would lead the index towards 17900-18000 levels. Important Support for the day is around 17750 however if index sustains below 17750 then it may witness profit booking which would take the index towards 17600-17500 levels.. Nifty is trading below its 100 SMA which indicates negative bias in the short to medium term. Nifty 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 is moving upwards and is above its reference line indicating a pullback in the short term. . The trend deciding level for the day is 17785. If NIFTY trades above this level then we may witness a further rally up to 17855-17895-17960 levels. However, if NIFTY trades below 17785 levels then we may see some profit booking initiating in the market, which may correct up to 17745-17675-17635 level.

Banknifty

Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 41558 with a gain of 191 points. On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower levels. The index closes above the medium term falling channel, sustaining above the same will change the trend positive. The chart pattern suggests that if Nifty crosses and sustains above 41700 level it would witness buying which would lead the index towards 41900-42000 levels. Important Support for the day is around 41400 However if index sustains below 41400 then it may witness profit booking which would take the index towards 41300-41200 levels.. Banknifty is trading below 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 is moving upwards and is above its reference line indicating a pullback in the short term. The trend deciding level for the day is 41500. If BANK NIFTY trades above this level then we may witness a further rally up to 41670-41780-41945 levels. However, if BANK NIFTY trades below 41500 levels then we may see some profit booking initiating in the market, which may correct up to 41390-41220-41110 levels.

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