If BANK NIFTY trades above this level then we may witness a further rally up to 34975-35130-35320 levels - Axis Securities
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Nifty
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 15790 with a gain of 104 points.
On the daily chart index has formed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side. 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 15850 level it would witness buying which would lead the index towards 15950-16000 levels. However if index breaks below 15700 level it would witness selling which would take the index towards 15600-15500. 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 15770. If NIFTY trades above this level then we may witne ss a further rally up to 15840-15890-15960 levels. However, if NIFTY trades below 15770 levels then we may see some profit booking initiating in the market, which may correct up to 15720-15655-15605 levels
Banknifty
Banknifty opened with an upward gap and remained in positive terrain throughout the day. Banknifty closed at 34827 with a gain of 253 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 either side. 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 35000 level it would witness buying which would lead the index towards 35400-35800 levels. Important Supports for the day is around 34600 However if index sustains below 34600 then it may witness profit booking which would take the index towards 34200-33800 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 34785. If BANK NIFTY trades above this level then we may witness a further rally up to 34975-35130-35320 levels. However, if BANK NIFTY trades below 34785 levels then we may see some profit booking initiating in the market, which may correct up to 34635-34440-34290 levels
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