Banknifty closed at 43360 with a loss of 54 points - Axis Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Nifty
Nifty opened lower with a downward gap and extended selling momentum in the first half however buying momentum at lower levels recovered some of the earlier losses . Nifty closed at 18385 with a loss of 35 points.
On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. The index is managing to hold above upward sloping trendline from 17750 which is in place from 30th Sep, 2022 as well as lower band of small falling channel forming from all time high of 18887. Closing and sustaining above upper band of small falling channel above 18600 will continue to rally on the higher side. On the other hand if it close below 18200 i.e. upward sloping trendline then profit booking may continue. The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18700 levels. Important Support for the day is around 18300 However if index sustains below 18300 then it may witness profit booking which would take the index towards 18200-18100 levels.. Nifty is trading above 50, 100 and 200 day SMA indicating positive bias in the medium term. Nifty continues to remain in an uptrend for the medium term, so buying on dips continues to be our preferred strategy.
The daily strength indicators RSI continue to remain flat and are below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 18330. If NIFTY trades above this level then we may witness a further rally up to 18460-18535-18660 levels. However, if NIFTY trades below 18330 levels then we may see some profit booking initiating in the market, which may correct up to 18255-18130-18055 levels.
Banknifty
Banknifty opened lower with a downward gap and extended selling momentum in the first half however buying momentum at lower levels erased some of the earlier losses. Banknifty closed at 43360 with a loss of 54 points.
On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower 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 Nifty crosses and sustains above 43500 level it would witness buying which would lead the index towards 43700-43900 levels. Important Support for the day is around 43200 However if index sustains below 43200 then it may witness profit booking which would take the index towards 43000- 42800 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 below its reference line indicating absence of momentum on either side
The trend deciding level for the day is 43245. If BANK NIFTY trades above this level then we may witness a further rally up to 43540-43720-44010 levels. However, if BANK NIFTY trades below 43245 levels then we may see some profit booking initiating in the market, which may correct up to 43070-42775-42595 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
.jpg)
