If NIFTY trades above this level then we may witness a further rally up to 15735-15790-15825 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 15680 with a loss of 42 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.. Since past four-five sessions index continue to consolidate in a broad trading range (15600-15900) representing sideways trend. The chart pattern suggests that if Nifty crosses and sustains above 15750 level it would witness buying which would lead the index towards 15800-15900 levels. However if index breaks below 15650 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 15700. If NIFTY trades above this level then we may witness a further rally up to 15735-15790-15825 levels. However, if NIFTY trades below 15700 levels then we may see some profit booking initiating in the market, which may correct up to 15645-15610-15560 levels
Banknifty
Banknifty opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Banknifty closed at 34684 with a loss of 88 points.
On the daily chart index has formed a bearish candle and it has made a lower high-low indicating negative bias.. 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 35600-36000 levels. Important Supports for the day is around 34500 However if index sustains belwo 34500 then it may witness profit booking which would take the index towards 34000- 33700 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 34750. If BANK NIFTY trades above this level then we may witness a further rally up to 34850-35020-35115 levels. However, if BANK NIFTY trades below 34750 levels then we may see some profit booking initiating in the market, which may correct up to 34585-34485-34315 levels
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