Banknifty opened with an upward gap and remained in positive terrain throughout the day - Axis Securities
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Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. On 8th May, Nifty closed at 18264 with a gain of 195 points.
On the daily chart index has formed a bullish candle forming higher High-low compared to previous session indicating positive bias. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18300 level it would witness buying which would lead the index towards 18400-18500 levels. Important Support for the day is around 18200 However if index sustains below 18200 then it may witness profit booking which would take the index towards 18100-18000 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 is moving upwards and is above its reference line indicating positive bias.
The trend deciding level for the day is 18215. If NIFTY trades above this level then we may witness a further rally up to 18335-18405-18520 levels. However, if NIFTY trades below 18215 levels then we may see some profit booking initiating in the market, which may correct up to 18145-18030-17960 levels.
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. On 8th May, Banknifty closed at 43284 with a gain of 623 points.
On the daily chart the index has formed a bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 43400 level it would witness buying which would lead the index towards 43500-43600 levels. Important Support for the day is around 43100 however if index sustains below 43100 then it may witness profit booking which would take the index towards 43000-42900 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 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 43160. If BANK NIFTY trades above this level then we may witness a further rally up to 43540-43800-44180 levels. However, if BANK NIFTY trades below 43160 levels then we may see some profit booking initiating in the market, which may correct up to 42905-42525-42265 levels.
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