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Nifty

Nifty opened on a flat note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day.. Nifty closed at 17322 with a loss of 30 points.

On the daily chart index has formed a bearish candle however it has made a higher high-low indicating positive bias.. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17400 level it would witness buying which would lead the index towards 17500-17600 levels. However if index breaks below 17200 level it would witness selling which would take the index towards 17100-17000. Nifty is trading below 20 day SMA indicating negative bias in the short to medium term. 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 has turned positive from the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 17355. If NIFTY trades above this level then we may witness a further rally up to 17455-17590-17690 levels. However, if NIFTY trades below 17355 levels then we may see some profit booking initiating in the market, which may correct up to 17225-17125-16990 levels

Banknifty

Banknifty opened on a positive note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day.. Banknifty closed at 37954 with a loss of 216 points.

On the daily chart index has formed a bearish candle however it has made a higher high-low indicating positive bias.. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Banknifty crosses and sustains above 38000 level it would witness buying which would lead the index towards 38250-38500 levels. Important Supports for the day is around 37700 However if index sustains belwo 37700 then it may witness profit booking which would take the index towards 37400-37100 levels.. Banknifty is trading below 20 day SMA indicating negative bias in the short to medium 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 has turned positive from the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 38060. If BANK NIFTY trades above this level then we may witness a further rally up to 38355-38760-39055 levels. However, if BANK NIFTY trades below 38060 levels then we may see some profit booking initiating in the market, which may correct up to 37655-37360-36960 levels

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