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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end on a flat note. Nifty closed at 15575 with a loss of 8 points.

On the daily chart the index has formed a bearish candle but is currently trading at all time highs indicat ing 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 15600 level it would witness buying which would lead the index towards 15700-15800 levels. However if index breaks below 15400 level it would witness selling which would take the index towards 15300-15200. 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 positive from the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 15590. If NIFTY trades above this level then we may witness a further rally up to 15650-15720-15780 levels. However, if NIFTY trades below 15590 levels then we may see some profit booking initiating in the market, which may correct up to 15515-15455-15385 levels

Banknifty

Banknifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Banknifty closed at 35337 with a loss of 189 points.

On the daily chart the index has formed a bearish candle after facing major ressitance near the 35500 level.. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Banknifty crosses and sustains above 35600 level it would witness buying which would lead the index towards 36000-36300 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 34500-34000 levels.. Banknifty is trading above its 20 day SMA which indicates positive bias in the short 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 from the oversold territory and is above its reference line indicating sustained uptrend.

The trend deciding level for the day is 35430. If BANK NIFTY trades above this level then we may witness a further rally up to 35620-35905-36095 levels. However, if BANK NIFTY trades below 35430 levels then we may see some profit booking initiating in the market, which may correct up to 35150-34960-34675 levels

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