If BANK NIFTY trades above this level then we may witness a further rally up to 34925-35295-35805 levels - Axis Securities
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Nifty
Nifty opened with an upward gap and witnessed selling for first part of the session. However last hour pullback action pulled index higher and recovered some of the earlier losses.. Nifty closed at 15683 with a loss of 8 points.
On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 15750 level it would witness buying which would lead the index towards 15900-16100 levels. However if index breaks below 15600 level it would witness selling which would take the index towards 15500-15400. 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 has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.
The trend deciding level for the day is 15630. If NIFTY trades above this level then we may witness a further rally up to 15815-15945-16125 levels. However, if NIFTY trades below 15630 levels then we may see some profit booking initiating in the market, which may correct up to 15500-15320-15190 levels
Banknifty
Banknifty opened with an upward gap and witnessed selling for first part of the session. However last hour pullback action pulled index higher and recovered some of the earlier losses.. Banknifty closed at 34558 with a loss of 47 points.
On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. The index continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. The chart pattern suggests that if Banknifty crosses and sustains above 35000 level it would witness buying which would lead the index towards 35400-35800 levels. Important Supports for the day is around 34000 However if index sustains below 34000 then it may witness profit booking which would take the index towards 33600- 33200 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 negative from the overbought territory and is below its reference line indicating sustained downtrend.
The trend deciding level for the day is 34420. If BANK NIFTY trades above this level then we may witness a further rally up to 34925-35295-35805 levels. However, if BANK NIFTY trades below 34420 levels then we may see some profit booking initiating in the market, which may correct up to 34050-33540-33170 levels
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