Banknifty opened on a flat note but buying momentum throughout the session - Axis Securities
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Nifty
Nifty opened on a flat note and buying momentum throughout the session led it close near the day's high. Nifty closed at 16642 with a gain of 158 points.
On the daily chart index has formed a bullish candle and has closed near the day's high indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an uptrend. The chart pattern suggests that if Nifty crosses and sustains above 16700 levels it would witness buying which would lead the index towards 16800-16850 levels. However if the index breaks below 16550 level it would witness selling which would take the index towards 16500-16400. Nifty is trading above its 20, 50 and 100 day SMA which indicates positive bias in the short 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 16580. If NIFTY trades above this level then we may witness a further rally up to 16715-16795-16930 levels. However, if NIFTY trades below 16580 levels then we may see some profit booking initiating in the market, which may correct up to 16505-16365-16290 levels.
Banknifty
Banknifty opened on a flat note but buying momentum throughout the session led the index to close near the day's high. Banknifty closed at 36784 with a gain of 375 points.
On the daily chart index has formed a bullish candle and has closed above its previous session's high representing positive bias ahead. 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 36900 level it would witness buying which would lead the index towards 37200-37500 levels. However if the index breaks below 36500 level it would witness selling which would take the index towards 36300-36200. Banknifty is trading above 20, 50 and 100 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 36615. If BANK NIFTY trades above this level then we may witness a further rally up to 36980-37175-37540 levels. However, if BANK NIFTY trades below 36615 levels then we may see some profit booking initiating in the market, which may correct up to 36420-36055-35860 levels.
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