Bank nifty opened on a flat note and remained in a small range throughout the day - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty
Nifty opened on a flat note and buying momentum throughout the session let it close near the day's high. Nifty closed at 18314 with a gain of 111 points.
On the daily chart index has formed a bullish candle forming higher High-low compared to previous session indicating positive bias. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18400 level it would witness buying which would lead the index towards 18500-18600 levels. Important Support for the day is around 18200 however if index sustains below 18200 then it may witness profit booking which would take the index towards 18100-18000 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 below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 18275. If NIFTY trades above this level then we may witness a further rally up to 18375-18435-18530 levels. However, if NIFTY trades below 18275 levels then we may see some profit booking initiating in the market, which may correct up to 18215-18120-18060 levels.
Bank nifty
Bank nifty opened on a flat note and remained in a small range throughout the day. Banknifty closed at 43885 with a loss of 84 points.
On the daily chart index has formed a bearish candle however it remained restricted within previous 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 daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 44000 level it would witness buying which would lead the index towards 44100-44200 levels. Important Support for the day is around 43700 However if index sustains below 43700 then it may witness profit booking which would take the index towards 43500-43400 levels.. Banknifty is sustaining above its 20, 50, 100 and 200- day SMA which signals bullish sentiments in near term. Bank nifty 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 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 43865. If BANK NIFTY trades above this level then we may witness a further rally up to 44045-44205-44390 levels. However, if BANK NIFTY trades below 43865 levels then we may see some profit booking initiating in the market, which may correct up to 43705-43525-43365 levels.
To Read Complete Report & Disclaimer Click Here
For More Axis Securities Disclaimer https://simplehai.axisdirect.in/disclaimer-home
SEBI Registration number is INZ000161633
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
