If BANK NIFTY trades above this level then we may witness a further rally up to 35545-35730-35885 levels - Axis Securities
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Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Nifty closed at 15815 with a loss of 46 points. On the daily chart the index has formed a bearish candle but is currently trading at all time highs indicating that current price action might just be a pullback.. 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 15900 level it would witness buying which would lead the index towards 16000-16100 levels. However if index breaks below 15750 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 15840. If NIFTY trades above this level then we may witness a further rally up to 15890-15965-16015 levels. However, if NIFTY trades below 15840 levels then we may see some profit booking initiating in the market, which may correct up to 15765-15715-15645 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 35359 with a loss of 5 points. On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels. 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 35600 level it would witness buying which would lead the index towards 36000-36400 levels. Important Supports for the day is around 35000 However if index sustains belwo 35000 then it may witness profit booking which would take the index towards 34600-34200 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 is moving upwards and is above its reference line indicating positive bias. The trend deciding level for the day is 35390. If BANK NIFTY trades above this level then we may witness a further rally up to 35545-35730-35885 levels. However, if BANK NIFTY trades below 35390 levels then we may see some profit booking initiating in the market, which may correct up to 35205-35050-34865 levels
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