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Nifty

Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. Nifty closed at 18691 on 26th June with a gain of 26 points.

On the daily chart the index has formed a small bullish candle with shadows on either side representing extreme volatility as well as indecisiveness amongst participants regarding the direction. 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 18750 level it would witness buying which would lead the index towards 18800- 18900 levels. Important Supports for the day is around 18650 However if index sustains below 18650 then it may witness profit booking which would take the index towards 18600-18500 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 18685. If NIFTY trades above this level then we may witness a further rally up to 18725-18760-18800 levels. However, if NIFTY trades below 18685 levels then we may see some profit booking initiating in the market, which may correct up to 18650-18610-18575 levels.

Banknifty

Banknifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. . Banknifty closed at 43641 on 26th June with a gain of 18 points

On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating medium term up trend. The chart pattern suggests that if Nifty crosses and sustains above 43750 level it would witness buying which would lead the index towards 43900-44000 levels. Important Support for the day is around 43500 However if index sustains below 43500 then it may witness profit booking which would take the index towards 43400-43300 levels.. Banknifty is sustaining above its 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 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 43650. If BANK NIFTY trades above this level then we may witness a further rally up to 43760-43885-43995 levels. However, if BANK NIFTY trades below 43650 levels then we may see some profit booking initiating in the market, which may correct up to 43530-43420-43300 levels.

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