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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Nifty closed at 18157 with a loss of 45 points. On the daily chart the index has formed a "bearish engulfing" candle after facing major resistance near the 18300 levels indicating profit booking at higher levels. Nifty closes at the lower band of the rising channel. 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 18200 level it would witness buying which would lead the index towards 18300-18400 levels. Important Support for the day is around 18100 However if index sustains below 18100 then it may witness profit booking which would take the index towards 18000-17900 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 continues to remain flat and is above its reference line indicating absence of momentum on either side The trend deciding level for the day is 18190. If NIFTY trades above this level then we may witness a further rally up to 18265-18370-18440 levels. However, if NIFTY trades below 18190 levels then we may see some profit booking initiating in the market, which may correct up to 18085-18010-17905 levels.

Banknifty

Banknifty opened with an upward gap but witnessed selling from the opening tick to close on a positive note. Banknifty closed at 41783 with a gain of 97 points. On the daily chart the index has formed a bearish candle after facing major resistance near the 42000 levels indicating profit booking at higher 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 Banknifty crosses and sustains above 42000 level it would witness buying which would lead the index towards 42200-42400 levels. Important Support for the day is around 41600 However if index sustains below 41600 then it may witness profit booking which would take the index towards 41400-41200 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 above its reference line indicating absence of momentum on either side The trend deciding level for the day is 41800. If BANK NIFTY trades above this level then we may witness a further rally up to 41930-42080-42215 levels. However, if BANK NIFTY trades below 41800 levels then we may see some profit booking initiating in the market, which may correct up to 41650-41520-41370 levels

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