Banknifty opened with a downward gap but witnessed buying from the opening tick to end positive - Axis Securities
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Nifty
Nifty opened with a downward gap and traded with extreme volatility on either side and gained the bullish momentum at the end of the day.. Nifty closed at 17992 with a gain of 46 points.
On the daily chart index has formed a bullish candle however it remained restricted within previous session's HighLow range indicating absence of strength on eitherside. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 18050 level it would witness buying which would lead the index towards 18100-18200 levels. However if index breaks below 17950 level it would witness selling which would take the index towards 17900- 17800. Nifty is trading above its 20 day SMA which indicates positive bias in the short 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 17955. If NIFTY trades above this level then we may witness a further rally up to 18045-18100-18190 levels. However, if NIFTY trades below 17955 levels then we may see some profit booking initiating in the market, which may correct up to 17900-17810-17760 levels.
Banknifty
Banknifty opened with a downward gap but witnessed buying from the opening tick to end positive. Banknifty closed at 38522 with a gain of 228 points.
On the daily chart index has formed a bullish candle and has closed above its previous session's high represeing positive bias ahead.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 38600 level it would witness buying which would lead the index towards 38800-39200 levels. However if index breaks below 38400 level it would witness selling which would take the index towards 38300-38000. Banknifty is trading above 20 and 50 day SMA's indicating positive 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 and is above its reference line indicating sustained strength.
The trend deciding level for the day is 38425. If BANK NIFTY trades above this level then we may witness a further rally up to 38705-38890-39170 levels. However, if BANK NIFTY trades below 38425 levels then we may see some profit booking initiating in the market, which may correct up to 38240-37960-37775 levels.
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